D E F A B Given Data for Excel Lab 2 1 2 3 4 This company applies manufacturing overhead on the basis of machine-hours. Below is information for the most recently completed year of operations. 5 6 Solar Products Manufacturing, Inc. 7 8 9 Estimated total manufacturing overhead cost $ 550,000 10 Estimated total amount of allocation base 50,000 machine-hours 11 2 Actual total manufacturing overhead cost $ 567.000 3 Actual total machine-hours 52,000 14 15 6 17 18 19 NO COUA 22 23 24 25 26 27 this lab you will use Excel to compute and work with the predetermined overhead rate for manufacturing company. Solar Products Manufacturing, Inc. Manufacturing Overhead Report For the year ended Dec. 31, 2020 Computation of Predetermined Overhead Rate (POHR): Predetermined overhead rate: Correct! --> $11.00 Computation of Underapplied or Overapplied Manufacturing Overhead: Actual total manufacturing overhead cost: Total manufacturing overhead applied to Work in Process during the year: Amount of underapplied (or overapplied) manufacturing overhead Was overhead underapplied or overapplied? Assume the company closes any balance in the Manufacturing Overhead account to Cost of Goods Sold. What journal entry should be made to close the Manufacturing Overhead account? Note: "Correct" indicator only applies to the AMOUNT, not the accounts. See Chapter 3 PowerPoint slide 44. Given Data