2) Weldin Inc. has provided the following data for the month of October. There were no beginning inventorics: consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Work in process Finished goods Cost of goods sold Direct material 2550 15130 82620 Direct labor 800 13350 72900 Manufacturing overhead applied 1320 6600 36080 Total 4670 35080 191600 Total 100300 87050 44000 231350 Manufacturing overhead incurred for the month was $47.000. Required: a. The company allocates any underapplied or overapplied overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts. Provide the journal entry that would record the allocation of underapplied or overapplied among work in process, finished goods, and cost of goods sold. b. provide the journal entry if the company wants to close out underapplied or overapplied overhead to cost of goods sold. C. How much higher or lower will be net operating income if the company directly close out underapplied or overapplied overhead to cost of goods sold instead of using allocation process (8marks)