Y Company reported the following actual cost data for the year:

Purchase of raw materials (all direct)	$200,000
Direct labour (average hourly rate of $20)	320,000
Manufacturing overhead costs (actual)	100,000
Inventories:
Ending raw materials (all direct)	$95,000
Beginning raw materials (all direct)	75,000
Ending work in process	21,000
Beginning work in process	5,000
Ending finished goods	57,000
Beginning finished goods	25,000

Y Company used a predetermined overhead rate based on direct labour hours. Estimated annual manufacturing overhead cost and direct labour hours were $150,000 and 20,000, respectively.

Required:

a. What was the pre-determined manufacturing overhead rate? b. Calculate the cost of goods manufactured. c. What was the cost of goods sold before adjusting for any under or overapplied overhead? d. By how much was manufacturing overhead cost under or overapplied? e. Prepare a summary journal entry to close any under or overapplied manufacturing overhead cost.