S.no.	Particulars	Debit	Credit
1.	Work In process Inventory	$123,000
	Manufacturing Overhead	$153,000
	To Raw Material Inventory		$276,000
2.	Wages Expense	$163,500
	To Wages payable		$163,500
3.	Work In process Inventory ($163,500 x 75%)	$122,625
	Manufacturing Overhead	$40,875
	To Wages Expense		$163,500
4.	Manufacturing Overhead	$94,275
	To Accounts Payable		$94,275
5.	Work In process Inventory ($122,625 x 120%)	$147,150
	To Manufacturing Overhead		$147,150
6.	Finished Goods Inventory($183,000+$105,000)	$288,000
	To Work in process Inventory		$288,000
7. (i)	Accounts Receivable ($288,000 x 33.33%)	$95,990.4
	To Sales Revenue		$95,990.4
(ii)	Cost of Goods sold	$288,000
	To Finished Goods Inventory		$288,000

Post the manufacturing overhead transactions to the Manufacturing Overhead T-account. What is the balance on the account before performing end of period closing entries? Is manufacturing overhead under- or over- absorbed? State the journal entries necessary to dispose of the variance. Assume that the manufacturing overhead variance is immaterial.