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Question 2 (17 points) A Company uses a job-order costing system in which overhead is applied to jobs based on machine hours. The overhead rate for the first year was based on 48,000 estimated machine hours and $600,000 of estimated total manufacturing overhead. During the first year of operations, they had the following selected transactions: a. Purchased materials for $335,000 on account b. Direct labour was $810,000 for 40,000 hours, indirect labour was $90,000. c Rent costs were incurred and paid in cash $432,200 in the factory and $7,000 in the administrative office d. Direct materials used were $265,000 Indirect materials used were $68,000. e Overhead was applied. There were 50,000 actual machine hours recorded for the year. f. All of the jobs were completed and transferred equired: 1 Prepare journal entries to record the above events (18 marks) (Identify each journal entry by letter in the date column) 2. Calculate the balance in the manufacturing overhead account and label it as either underapplied or overapplied