Woody Woods Company manufactures unique furniture. The company has automated production and allocated overhead based on machine hours. Custom Woods expects to incur $350,000 of manufacturing overhead costs and to use 50,000 machine hours during 2024 . Custom Wookis had no beginning inventory. The company recorded $10,000 in actual manufacturing overhead and actually used 1,200 machine hours in january. Record the Journal Entry for allocation of overhead and the journal entry to close the under or over-allocated balance of the overhead account