Calculate the overapplied or underapplied overhead for the year and Prepare a journal entry to close out the Manufacturing Overhead account into Cost of Goods SoldThe following information pertains to Paramus Metal Works for the year just ended. Budgeted direct-labor cost: 75,000 hours (practical capacity) at $16 per hour Actual direct-labor cost: 80,000 hours at $17.50 per hour Budgeted manufacturing overhead: $997,500Budgeted selling and administrative expenses: $435,000Actual manufacturing overhead:Depreciation $ 233,000 Property taxes 22,000 Indirect labor 82,000 Supervisory salaries 201,000 Utilities 57,000 Insurance 32,000 Rental of space 302,000 Indirect material (see data below) 79,000 Indirect material: Beginning inventory, January 1 47,000 Purchases during the year 95,000 Ending inventory, December 31 63,000 I calculated the cost driver is 13.30 , can someone help me with the following-1. Calculate the overapplied or underapplied overhead for the yea2.Prepare a journal entry to close out the Manufacturing Overhead account into Cost of Goods Sold