Southern Rim Parts estimates its manufacturing overhead to be $306,000 and its direct labor costs to...

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Southern Rim Parts estimates its manufacturing overhead to be $306,000 and its direct labor costs to be $1,020,000 for year 1. The first three jobs that Southern Rim worked on had actual direct labor costs of $61,000 for Job 301, $86,000 for Job 302, and $155,000 for Job 303. For the year, actual manufacturing overhead was $419,000 and total direct labor cost was $838,000. Manufacturing overhead is applied to jobs on the basis of direct labor costs using predetermined rates. Overhead applied in each of the inventory accounts is as follows: Work-in-process inventory $ 25,140 Finished goods inventory Cost of goods sold 75,420 150,840 Required: Prepare an entry to prorate the under- or overapplied overhead. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the allocation of over- or underapplied overhead. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Applied manufacturing overhead Record entry Clear entry View general journal Southern Rim Parts estimates its manufacturing overhead to be $306,000 and its direct labor costs to be $1,020,000 for year 1. The first three jobs that Southern Rim worked on had actual direct labor costs of $61,000 for Job 301, $86,000 for Job 302, and $155,000 for Job 303. For the year, actual manufacturing overhead was $419,000 and total direct labor cost was $838,000. Manufacturing overhead is applied to jobs on the basis of direct labor costs using predetermined rates. Overhead applied in each of the inventory accounts is as follows: Work-in-process inventory $ 25,140 Finished goods inventory Cost of goods sold 75,420 150,840 Required: Prepare an entry to prorate the under- or overapplied overhead. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the allocation of over- or underapplied overhead. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Applied manufacturing overhead Record entry Clear entry View general journal