Underapplied or Overapplied Overhead At the end of the year, Jackson Tank Company's accounts showed a $118,800 credit balance in Manufacturing Overhead, Control. In addition, the company had the following account balances: Work in Process Inventory $691,200 Finished Goods Inventory Cost of Goods Sold 172,800 1,296,000 a. Prepare the necessary journal entry to close the overhead account if the balance is considered immaterial. Account Debit Credit = : 0 0 0 0 b. Prepare the necessary journal entry to close the overhead account if the balance is considered material. Note: List credit accounts in alphabetical order by account name. Account Debit Credit 0 0 0 = 0 0 0 0