Version 1.0 Industries makes fuminare using the latest mated technology The company uses a job-order 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 100,500 2,000,000 Variable manufacturing overhead per machine-how $2.25 During the year, glut of furniture 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 following actual cost and operating data for the year Machine-hours Manufacturing overhead ont Inventories at year-end Raw materials Workin Finished goods Cost of goods sold 75,000 $1,950,750 5 420,000 $110,000 $ 1,010,000 5 2,710,000 Do not use year Journal Entry Format: Debit: Account in answers Round PO 2 mens, mund alther numbers to the Compute the Company's predetermined overbed rate for the Compute the Allocated overhend Compute the underlocated of overalocated overhead for the year. (Answer Format: Number and then UnderAlocated or OverAlocated Based on your answer for "record the proper joumal entry to close out marcated underloin mamfacturing overhead Credit: Account What is the impact of your journal entry on the Company's net income? (Hire Anwar options Increase Decree Stays the Same No Change Please k