Smith 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.) Smith's accountant found an error in the expense records from the year reported. Depreciation on manufacturing plant and equipment was actually $364,000, not the $480,000 that had originally been reported. The unadjusted Cost of Goods Sold balance at year-end was $610,000. The manufacturing overhead allocated to jobs was $395,500. 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.) Date Journal Entry Accounts Debit Credit Data table Manufacturing overhead costs 630,000 Direct labor cost. Machine hours.... $ 1,650,000 90,000 At the end of the year, the company had actually incurred the following: Direct labor cost... $ 1,230,000 Depreciation on manufacturing plant and equipment Property taxes on plant.... $ 480,000 $ 19,500 Sales salaries..... S 26,500 Delivery drivers' wages.. S 17,000 Plant janitors' wages... Machine hours..... $ 8,500 56,500 hours Print Done