REQUIRED: (a) Compute the predetermined overhead rate. (b) Compute the underapplied or overapplied overhead. (c) Determine how much of the underapplied or overapplied overhead computed in (2) will be allocated to Work In Process (WIP), Finished Goods (FG) and Cost of Goods Sold (COGS) on the basis of the amount of overhead applied that remains in each account at the end of the year.?(d) Prepare journal entry to record the underapplied or overapplied overhead computed in (c).

QUESTION 2 MyGame Station Sdn Bhd makes gaming devices using 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 following estimates were used in preparing the predetermined overhead rate at the beginning of the year: 22,500 Manufacturing overhead cost RM3 20,000 During the year 2020, a surplus of gaming devices on the market resulted in cutting back production. The company's cost records revealed the following actual cost and operating data for the year: Machine hours 25,000 Manufacturing overhead cost 385,000 Inventories at year-end: Raw Materials RM12,00 Work in process (includes overhead applied of RM12,000) RM40,00 Finished goods (includes overhead applied of RM40,000) 150,00 Cost of goods sold (includes overhead applied of RM152,000) RM400,000