24. Cost of Goods Sold Journal Entries. The balance in Preston Company's finished goods inventory account was $650,000 at the beginning of March. Cost of goods manufactured for the month totaled $445,000, and cost of goods sold totaled $470,000. Required: a. Prepare separate journal entries to record the following items. (Hint: Use Figure 2.7 as a guide.) 1. Cost of goods manufactured for the month 2. Cost of goods sold for the month b. Prepare a T-account for finished goods inventory and include the beginning balance for March. Post the appropriate items from the journal entries in part b to this account, and calculate the ending balance in finished goods inventory. BRIEF EXERCISES 24. Calculating Plantwide Predetermined Overhead Rate The plantwide predetermined overhead rate is calculated as follows: Predetermined Estimated overhead costs overhead rate Estimated activity in allocation base Predetermined overhead rate based on direct labor hours: estimated overhead costs direct labor hours $50_per direct labor hour Enter one-sentence description here: b. Predetermined overhead rate based on machine hours: estimated overhead costs machine hours 9 8 per machine hour 0 Enter one-sentence description here: 2 3 4 5 -6 7