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 $400,000, not the $460.000 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 $456,000 Read the requirements Requirement 1. Prepare the journal entry (entries) to record manufacturing overhead costs incurred. (Record debits first, then credits Exclude explanations from any journal entries.) Journal Entry Accounts Debit Credit Date min ncy ost Data table For en Manufacturing overhead costs ...... $ 610,000 Direct labor cost... $ 1,300,000 Machine hours.. 76,250 At the end of the year, the company had actually incurred the following: $ 1,210,000 --- journa $ 460,000 $ 20,000 Direct labor cost. Depreciation on manufacturing plant and equipment Property taxes on plant Sales salaries... Delivery drivers' wages. Plant janitors' wages.. Machine hours... $ 23,000 $ 16,500 12,000 57,000 hours Print Done ally Requirements de th 1. Prepare the journal entry (entries) to record manufacturing overhead costs incurred. 2. Prepare the journal entry to record the manufacturing overhead allocated to jobs in production 3. Use a T-account to determine whether manufacturing overhead is underallocated or overallocated and by how much 4. Record the entry to close out the underallocated or overallocated manufacturing overhead 5. What is the adjusted ending balance of Cost of Goods Sold