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 foud, an error in the expense records from the year reported. Depreciation on manufacturing plant and equipment was actually $400,000, not the 5460,000 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 Manufacturing Overhead 432,000 Accumulated Depreciation Plant and Equipment 400,000 Property Tax Payable 20,000 Wages Payable 12.000 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 Debit Credit Date Data table ht was actu ng overhe: 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: Direct labor cost. $ 1,210,000 Depreciation on manufacturing plant and equipment $ 460,000 Property taxes on plant $ 20,000 Sales salaries....... 23,000 Delivery drivers' wages.. $ 16,500 Plant janitors' wages... 12,000 Machine hours.. 57,000 hours --- ha then credits Actu -X hea Requirements tu 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? n eil es tH dits 460,000 that had orginally been reported. 456,000. ead the require Accumulated Depreciation-Plant and Equipment 100 Cost of Goods Sold 400,00 20,00 Manufacturing Overhead 12,00 Property Tax Payable Requirement 2. from any journal cated to jobs in pre Wages Payable Work in Process Inventory Date Credit