stion 12 Stephen MJ Industries makes furniture using the latest automated technology. The company uses a job-onder costing system and applies manufacturing overhead cost to products on the basis of machine-hours. The following estimates were used in preparing the predetermined overhead rate at the beginning of the year Machine-hours Fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour 35,000 $725,000 $ 5.00 During the year, a glut of furniture on the market resulted in cutting back production and a buildup of famines in the company's warehouse. The company's cost records revealed the following actual cost and operating da for the year Machine-hours Manufacturing overhead cost Inventories at year-end Raw materials Work in process Finished goods Cost of goods sold $6,000 5 2,125,000 5 420,000 S 110,000 $1,050,000 $ 2,710,000 Do not use "S" or "anes Round POHR to 2 decimal points, round at the numbers to the year Journal Entry Format Debit Account Credit: Account Compute the Company's predetermined overhead rate for the Compute the Allocated overhead Compute the underlocated or overlocated overhead for the year. (Answer Format Number and then UnderAllocated or OverAllocated Hased on your answer for "C" cord the proper journal entry to close out onderstated manufacturing head What is the impact of your journal entry on the Company's net income? Fixed maturing overtica Variable manufacturing overhead per machine-hour 300 Charing the year, a get of fumiture on the market rendhud in cutting back production and a hadap of fomines is the company's warhoum. The company's out seconds revealed the following lang for the year Machine-boun Manufacturing overhead co lavatories at year-end Raw materials Work in process Finished goods Cost of goods sold Do it in awers Round POHR to 2 decimal ports round year. Journal Entry Format 000 $ 2.125,000 $420,000 $110,000 $1,050,000 $ 2,710,000 the numbers to the Compute the Company's pendetermined overhead rate for the Compete the Allocated everhead Compute the underlocated of mesocated overhead for the year. (Answer Format Number and then UnderAllocated or OverAllocated Based on your answer for "C" record the proper jumal entry to close ingverd Debit Account Credit Account What is the impact of your journal entry on the Company's Hint Answer options Increase, Deo Stays the Same, No Change Passe ask someone Moving to the next question prevents changes to t Quin 1818 Queno 12 Se Are Stephen MJ Industries makes furniture using the latest automated socheadogy. The company uses a job-onder costing system and applies manufacturing overhead cost to product on the basis of machine-hours. The following estimates were used in preparing the predetermined overhead ate at the beginning of the year 33,000 $725,000 $5.00 Machine-boun Fined manufacturing overhead co Variable manufacturing overhead per machine-hour During the year, a glut of fumiture on the market resulted in cutting hick production and a buildup of fumiture in the company's warehouse. The company's cost records revealed the following schaal cost and operating dea for the year Machine-hour Manufacturing overhead cost Inventories at year-end Raw materials Work in process Finished goods Co of goods sold Do not or near dola year 5,000 $ 2,125,000 S 430,000 S 110,000 5 1,050,000 $ 2,710,000 answers Round POHR to 2 decimal points, mound all other numbers to the Compute the Company's predetermined overbead rate for the Compute the Allocated overhead Compute the underlocated or overslocated overhead for the year. (Answer Format Number and then UnderAllocated or OverAllocated) MacBook Air Question 12 Stephen MJ Industries makes furniture using the latest automated technology. The company uses a job-order costing system and applies manufacturing overhead cost to products on the basis of m estimates were used in preparing the predetermined overhead rate at the beginning of the year Machine-hours Fixed manufacturing overhead cost 35,000 $725,000 $5.00 Variable manufacturing overhead per machine-hour During the year, a glut of furminare on the market resulted in cutting back production and a buildup of furniture in the company's warehouse. The company's cost records revealed the follo for the year: Machine-hours Manufacturing overhead cost Inventories at year-end: Raw materials Work in process Finished goods Cost of goods sold 86,000 $ 2,125,000 5 420,000 $110,000 $ 1,050,000 $ 2,710,000 Do not use "S" or "In answers Round POHR to 2 decimal points, round all other numbers to the nearest dollar year. Compute the Company's predetermined overhead rate for the Compute the Allocated overhead Compute the underallocated of overallocated overhead for the year. (Answer Format: Number and then UnderAllocated or OverAllocated) During the year, a glut of fumiture on the market resulted in cutting back production and a buildup of fumiture in the company's warehouse. The company's com recents revealed the Sollowing actual cost and operate for the year: Machine-hours Manufacturing overhead cost Inventories at year-end Raw materials Work in process Finished goods Cost of goods sold 86,000 $ 2,125,000 $ 420,000 $110,000 $ 1,050,000 $ 2,710,000 Do not use "S" or in answers. Round POHR to 2 decimal points, round all other numbers to the nearest dollar year. Journal Entry Format: Debit: Account # Credit: Account W Compute the Company's predetermined overhead rate for the Compute the Allocated overhead Compute the underallocated or overallocated overhead for the year. (Answer Format: Number and then UnderAllocated or OverAllocated) Based on your answer for "C" record the proper journal entry to close out overallocated underslocated manufacturing overhead What is the impact of your journal entry on the Company's net income? Hint Answer options: Increase, Decrease, Stays the Same, No Change, Please ask someone else 1,050,000 Cost of goods sold $ 2,710,000 Do not use or in answers Round POHR to 2 decimal points, round all other numbers to the nearest dollar year. Journal Entry Format: Debit: Account # Credit: Account # Compute the Company's predetermined overhead rate for the Compute the Allocated overhead Compute the underallocated or overallocated overhead for the year. (Answer Format: Number and then UnderAllocated or OverAllocated) Based on your answer for "C" record the proper journal entry to close out overallocated underlocated manufacturing overhead What is the impact of your journal entry on the Company's net income? (Hint Answer options: Increase, Decrease, Stays the Same, No Change. Please ask someone else Moving to the next question prevents changes to this answer MacBook Air Work in process Finished goods $ 110,000 $ 1,050,000 Cost of goods sold $ 2,710,000 Do not use "$" or "," in answers. Round POHR to 2 decimal points, round all other numbers to the nearest dollar year. Journal Entry Format: Debit: Account # Credit: Account # Compute the Company's predetermined overhead rate for the Compute the Allocated overhead Compute the underallocated or overallocated overhead for the year. (Answer Forma Based on your answer for "C" record the proper journal entry to close out overallocated/ Cost of goous solu Do not use "$" or "," in answers. Round POHR to 2 decimal points, round all other numbers to the nearest dollar year. Journal Entry Format: Debit: Account # Credit: Account # Compute the Company's predetermined overhead rate for the Compute the Allocated overhead Compute the underallocated or overallocated overhead for the year. (Answer Format: Number and then UnderAllocated or OverAlocated Based on your answer for "C" record the proper journal entry to close out overallocated underlocated manufacturing overd What is the impact of your journal entry on the Company's net income? (Hint Answer options: Increase, Decrease, Stays the Same, No Change, Please ask someone else Moving to the next question prevents changes to this answer. MacBook Air 8= ST 1