The table below lists costs attributed to O$$Leary and Company. O$$Leary and Company used a $120\%$ predetermined overhead rate based on direct labour cost. You must perform the following tasks:

Calculate the cost of goods manufactured.

Calculate the cost of goods sold before adjusting for any under or over$-$applied overhead.

Determine by how much manufacturing overhead cost was under or over$-$applied.

Prepare a summary journal entry to close any under$-$ or over$-$applied manufacturing overhead cost to the cost of goods sold. Is such an entry appropriate in this situation? Why or why not?

A table listing various costs of O$$Leary and Company. The first section is $$Purchase of raw materials $($all direct$),$ and it is at $$291,000.$ Direct labour cost is at $$141,800.$ Manufacturing overhead costs is at $$198,100.$ The next section is $$Change in inventories.$$ The decrease in raw materials is at $$9100.$ The decrease in work$-$in$-$process is at $$4100.$ Lastly, the decrease in finished goods is listed at $$13,200.$