Martin Foundry uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the company expected to incur the following: (Click the icon to view the costs.) Martin's accountant found an error in the expense records from the year reported. Depreciation on manufacturing plant and equipment was actually $420,000, not the $475,000 that had originally been reported. The unadjusted Cost of Goods Sold balance at year-end was $550,000. The manufacturing overhead allocated to jobs was $452,000. Read the requirements. ... 446,500 420,000 Manufacturing Overhead Accumulated Depreciation-Plant and Equipment Property Tax Payable Wages Payable 18,500 8,000 Requirement 2. Prepare the journal entry to record the manufacturing overhead allocated to jobs in production. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Accounts Date Debit Credit Work in Process Inventory 550000 Manufacturing Overhead 550000 Data table Manufacturing overhead costs 550,000 Direct labor cost $ 1,300,000 Machine hours 68,750 At the end of the year, the company had actually incurred the following: Direct labor cost $ 1,240,000 $ 475,000 $ 18,500 27,000 Depreciation on manufacturing plant and equipment Property taxes on plant. Sales salaries Delivery drivers' wages. Plant janitors' wages.. Machine hours $ 14,500 $ 8,000 56,500 hours Print Done