Requirements 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. Wha adjusted ending balance of Cost of Goods Sold? Print Done 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 $425,000, not the $460,000 that had originally been reported. The unadjusted Cost of Goods Sold balance at year-end was $640,000. The manufacturing overhead allocated to jobs was $456,000. Read the requirements. Data Table $ 550,000 Manufacturing overhead costs ..... Direct labor cost .. $ 1,650,000 Machine hours... 68,750 At the end of the year, the company had actually incurred the following: Direct labor cost. $ 1,230,000 $ 460,000 19,000 25,000 Depreciation on manufacturing plant and equipment Property taxes on plant Sales salaries..... Delivery drivers' wages. Plant janitors' wages. Machine hours... $ 15,500 $ 8,500 57,000 hours Print Done