please help me to solve this problem Problem 5-17 Applying Overhead; Journal Entries; Disposition of Underapplied or OverappliedOverhead [LO4, LO5, LO7]The following information is taken from the accounts of Foster Corp. The entries in the T-accounts are summaries of the transactionsthat affected those accounts during the year.Manufacturing Overhead428,000 (b)(a)470,000Bal.42,000Work in ProgressBal.117,000 (c)820,000222,000127,000(b)470,000Bal.116,000Finished GoodsBal.178,000 (d)874,000(c)820,000Bal.124,000Cost of Goods Sold(d)874,000The overhead applied to production during the year is distributed among the ending balances in the accounts as follows:Work in Process, ending$ 47,00070,500Finished Goods, endingCost of Goods SoldOverhead applied352,500$470,000 Required:1. Identify the reasons for entries (a) through (d).Item (a):Item (b):Actual manufacturing overhead costs for the year.Overhead cost applied to work in process for the year.Cost of goods manufactured for the year.Cost of goods sold for the year.Item (c):Item (d):2. The company allocates any balance in the Manufacturing Overhead account to the other accounts in proportion to the overheadapplied during the year that is in the ending balance in each account. Prepare the necessary journal entry. (If no entry is required for atransaction/event, select "No Journal entry required" in the first account field.)View transaction list View journal entry worksheetⒸNoTransactionGeneral JournalDebitCreditA1.Manufacturing overheadDirect materials costDirect labour costManufacturing overhead

The overapplied overhead cost is calculated as excess of applied overhead cost more than the actual…

Problem 5-17 Applying Overhead; Journal Entries; Disposition of Underapplied or Overapplied Overhead [LO4, LO5, LO7] The following information is taken from the accounts of Foster Corp. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead (a) 428,000 (b) 470,000 Bal. 42,000 Work in Progress 117,000 (c) Bal. 820,000 222,000 127,000 (b) 470,000 Bal. 116,000 Finished Goods Bal. 178,000 (d) 874,000 (c) 820,000 Bal. 124,000 Cost of Goods Sold (d) 874,000 The overhead applied to production during the year is distributed among the ending balances in the accounts as follows: Work in Process, ending $ 47,000 70,500 Finished Goods, ending Cost of Goods Sold 352,500 Overhead applied $470,000