Waterways has two major publie park projects to provide with comprehensive irrigation in one of its service locations this month Job 357 and Job S2 involve 15 acres of landscaped terrain, which will require special-order, sprinkler heads to meet the specifications of the project. Using a job cost system to produce these parts, the following events occurred during December Raw materials were requisitioned from the companys vertory on December 2 for $5,100; on December 8 for $1,065, and on December 14 for $342. In each instance, two-thirds (2/3) of these materiais were for 157 and the rest for 52 Sortime tickets were turned in for these two projects for a total amount of 18 hours of work. All the workers were pau 617 per hour. The time tickets were dated December 1, December, and December 15, On each of those days, 6 labor hours were spent on these jobs, two-thirds (2/3) for 157 and the rest for 2 The predetermined overhead rate is based on machine hours. The expected machine hour use for the year is 2.111 hour, and the anticipated overhead costs are $035,456 for the year. The machines were used by workers en projects 52 and 57 on December 3, 9, 15. main hours were used for project 52 (2 each dayland machine hours were used for project 27 (2.5 the first day and each of the other days). Both of these special orders were completed on December 15, producing 200 sprinkler heads for 157 and 100 sprinkler Heads for $2. Additional job order activities during this period included: Purchased raw materials from Durbin Supply Company on account for $52,700. Dec Issued $39,700 of direct materials from the company's inventory to jobs other than KS2 and 357 and $3,000 of indirect materials Dec 12 Paid Waterways factory salaries and wages for $64,700 Dec. 13 Pad the factory's water bill of $3,900. Dec. 16 Transferred $50,100 of costs from other completed jobs to finished goods. Dec. 21 Pald the factory electric bill of $12,100 for Waterways factory Dec. 31 Made adjusting entries forth factory that included accrued property taxes of $12,100, prepaid insurance of $3,800, and accumulated depreciation of $15,800 Dee 1 2 Asuming that Manufacturing Overhead has a debit balance of $2,500, determine whether overhead has been under/over applied and make the adjusting entry. (Credit account litterare automatically Date Account Titles and Explanation Debit Credit Waterways has two major publie park projects to provide with comprehensive irrigation in one of its service locations this month Job 357 and Job S2 involve 15 acres of landscaped terrain, which will require special-order, sprinkler heads to meet the specifications of the project. Using a job cost system to produce these parts, the following events occurred during December Raw materials were requisitioned from the companys vertory on December 2 for $5,100; on December 8 for $1,065, and on December 14 for $342. In each instance, two-thirds (2/3) of these materiais were for 157 and the rest for 52 Sortime tickets were turned in for these two projects for a total amount of 18 hours of work. All the workers were pau 617 per hour. The time tickets were dated December 1, December, and December 15, On each of those days, 6 labor hours were spent on these jobs, two-thirds (2/3) for 157 and the rest for 2 The predetermined overhead rate is based on machine hours. The expected machine hour use for the year is 2.111 hour, and the anticipated overhead costs are $035,456 for the year. The machines were used by workers en projects 52 and 57 on December 3, 9, 15. main hours were used for project 52 (2 each dayland machine hours were used for project 27 (2.5 the first day and each of the other days). Both of these special orders were completed on December 15, producing 200 sprinkler heads for 157 and 100 sprinkler Heads for $2. Additional job order activities during this period included: Purchased raw materials from Durbin Supply Company on account for $52,700. Dec Issued $39,700 of direct materials from the company's inventory to jobs other than KS2 and 357 and $3,000 of indirect materials Dec 12 Paid Waterways factory salaries and wages for $64,700 Dec. 13 Pad the factory's water bill of $3,900. Dec. 16 Transferred $50,100 of costs from other completed jobs to finished goods. Dec. 21 Pald the factory electric bill of $12,100 for Waterways factory Dec. 31 Made adjusting entries forth factory that included accrued property taxes of $12,100, prepaid insurance of $3,800, and accumulated depreciation of $15,800 Dee 1 2 Assuming that Manufacturing overhead has a debit balance of $2,500, determine whether overhead has been under over applied and make the adjusting entry. (Credit account titles are automatically Indented when amount is entered. De not indent manually) Account Titles and Explanation Date Debit Credit