Problem 3: (20 points) Under- or Over-Applied Overhead Analysis Andrews Corporation had the following information about their Manufacturing Overhead account for the year ended December 31, 2019: $37,000 $84,000 $42,000 Indirect materials Indirect labor Rent expense for the factory Utilities for the factory $10,000 $8,000 Supplies for the factory $178,000 Applied overhead for the period Required: 1) Is the manufacturing overhead account over- or under-applied for the year? 2) By how much is the manufacturing overhead account over- or under-applied? 3) Prepare the adjusting entry to close the over- or under-applied overhead to Cost of Goods Sold