Chapter 3 Homework #3 Help Save&Exit Su Check my w 4 Luzadis Company makes furniture using the latest automated technology The company uses a job-order costing system and applies manufacturing overhead cost to products on the basis of machine-hours. The predetermined overhead rate was based on a cost formula that estimates $900,000 of total manufacturing overhead for an estimated activity level of 75.000 machine-hours 3.5 During the year, a large quantity of furniture on the market resulted in cutting back production and company's warehouse The company's cost records revealed the following actual cost and operating data for the year Machine-hours Manufacturing overhead cost Inventories at year-end 60,800 s85,9e eBook Print References Raw materials Work in process (includes overhead applied of $36,600) 530,899 100,899 500,009 s overhead applied of $18e,000) Cost of goods sold (includes overhead applied of $5e4,000) 1,400,0 Required: 1. Compute the underapplied or overapplied overhead 2. Assume that the company closes any underapplied or overapplied overthead to Cost of Goods Sold. Prepare the appropriate journal 3. Assume that the company allocates any underapplied or overapplied overhead proportionaliy to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the appropriate journal entry 4. How much higher or lower will net operating income be if the underapplied or overapplied overhead is allocated to Work in Process, Finished Goods, and Cost of Goods Sold rather than being closed to Cost of Goods Sold? References up Check my worl 4 Complete this question by entering your answers in the tabs below. 3.5 points Required 1Requfed 2 Required 3 Required 4 Assume that the company closes any underapplied or overapplied overhead to Cost of Goods Sold. Prepare the appropriate journal entry (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) eBook View transaction list View journal entry worksheet Print No Cost of goods sold 30,000 130,000 C Required 1 Required 3 > Prey 4of4 Ill Next up Complete this question by entering your answers in the tabs below 3.5 peints Required 1 Required 2 Requed 3 Required 4 Assume that the company allocates any underapplied or overapplied overhead proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the appropriate journal entry. (r no entry is required for a transaction/event, select journal entry required" in the first account Reld.) View transaction ist View journal entry worksheet No Work in process Finished goods Cost of goods sold Required 2 Required 4 > K Prev 4 of 4E Next ip esc 4 Finished Goods, and Cost of Goods Sold rather than being closed to Cost of Goods Sold? Complete this question by entering your answers in the tabs below 3.5 Required 1 Required 2 Required 3 be if the underapplied or overapplied overhead is allocated to work in How much higher or lower will net operating income Process, Finished Goods, and Cost of Goods Sold rather than being closed to Cost of Goods Sold Required 3 Prey 40f 4 Next up 46