Indicate the Debits and Credits for the following: Masks with a cost of $500.000 were sold on account for 200% of cost. (you may list the entries as two separate journal entries, or you may combine them into one entry) Edit View Insert Format Tools Table 12pt Paragraph BI VALT Owords P U Question 12 2 pts It is time to deal with the manufacturing overhead account Was the manufacturing overhead applied? underapplied or applied exactly correctly (for partial credit, you may want to upload your MOH account below) overhead applied underapplied applied exactly correctly Raw materials Inventory. $900,000 Work in process Inventory......... $200,000 Finished goods Inventory..... $1,000,000 The company applies overhead to jobs using a predetermined overhead rate based on direct labor hours. At the beginning of the year, the company estimated that it would work 5.000 direct labor hours and incur $85,000 in manufacturing overhead cost. The following transactions were recorded for the year: The company paid for the development of a new website to sell its product at $150,000 Raw materials were purchased on account for $222.222. . During the month $140,000 of materials were requisitioned for use in production, of which $135,000 worth of fabric was requisitioned for use in the production of the masks and directly traced to particular jobs in the factory. The remainder was indirect materials including clean fluid for the machines and hand sanitizer for employees. Employee costs were incurred: mask makers (direct factory labor) - $80,000 at an average of $20 per hour (for 4,000 direct labor hours) supervisors, plant security, plant maintenance and plant managers (indirect factory labor). $18,000 . SGA-selling, general and administrative salaries, $50,000 Utility costs and property taxes of $25,000 were incurred (accrued) for the factory and $140,000 were incurred for the headquarters building. Depreciation for the period was $100,000 of which $12,000 is related to the factory building and equipment while the remaining and $88,000 is related to the headquarters office building, Manufacturing overhead was applied to jobs. Several batches of mask costing $400,000 based upon the completed job cost sheets were completed and moved to the delivery area. Face masks with a cost of $500,000 were sold on account for 200% of cost. The over or underapplied overhead journal entry must be made. (Be sure to indicate if overhead is over or underapplied.) o . . Use the information above to answer the following questions in good form