The following costs are attributed to the Gandalf and Company: $291.100 141,800 198,100 Purchase of raw matenals (all direct) Direct labor cost Manufacturing overhead costs Change in meatones: Decrease in tau matenals Decrease in work in process Decrease in finished goods $9,100 4,100 13,200 Gandalf and Company used a 120% predetermined overhead rate based on direct labor cost. Submission Instructions 1. Calculate the cost of goods manufactured. 2. What was the cost of goods sold before adjusting for any under or over applied overhead? 3. By how much was manufacturing overhead cost under or over applied? 4. Prepare a summary journal entry to close any under or over applied manufacturing overhead cost to the cost of goods sold. Is such an entry appropriate in this situation? Why or why not