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In: AccountingPowell Company uses a job costing system. During the month ofMay, Powell spent most of...Powell Company uses a job costing system. During the month ofMay, Powell spent most of its time on job A50, which was startedlate in April. Following is cost information for job A50, other Maycosts, and relevant annual estimates.Materials issued:80% for Direct Use on job A50 and 20% for Indirect Use throughMay$6,000Labor:Direct Labor for job A50 (300 DLH @ $20 per DLH)6,000Indirect Labor for May310Other May Costs:Depreciation (30% Factory and 70% Administrative)1,000Other (70% Factory and 30% Administrative)700Overhead Cost Driver: Direct Labor Hours (DLH)Estimated Annual Overhead21,000Estimated Annual DLH3,000Markup-as a percent of cost40%Required:(1) Calculate the pre-determined overhead rate and use it tocalculate the overhead to be applied for May to job A50?(2) What are total manufacturing costs for May for job A50?(3) Prepare the journal entries to record the events thathappened in May, assuming that the May 1 work-in-process inventoryfor job A50 was $600.(4) Calculate the under- or over-applied overhead for May andprepare a journal entry to close overapplied or underappliedoverhead into cost of goods sold on May 31