Suntower Company makes artificial towers and reports the following data for the month C Junakze the seating to malenas and labor Record debits fest, then odh Exclude explanations from journal antes) Begin by joamazing the entry for the purchase of materials on account Date Accounts Next, joumate the sintry to record raw materials used in production Date Accounts Finally, pumal the estry to cord the labor incurred in production but not yet pod Date Accounts Data table Debit Credit Debit Credit Debit Credit Panchases of materials on account 550,000 Matorials regu Det manas 40.000 Indirect 800 Labor incured mot yet paid Direct labor 20.400 indrect bor 1510 Print Done Finally, journalize the entry to record the labor incurred in production but not yet paid. Date Calculator Accounts Debit Credit Requirement 1. Compute the predetermined overhead allocation rate per direct labor dollar. Predetermined overhead allocation rate % Requirement 2. Prepare the journal entry to allocate overhead cost for the year. (Record debits first, then credits. Exclude Date Dec. 31 Accounts Debit Credit Requirement 3. Use a T-account to determine the amount of underallocated or overallocated manufacturing overhead. Start by posting the actual and allocated manufacturing overhead to the T-account. (Use the first available cell to post each amount Do not input the balance in t Manufacturing Overhead Manufacturing overhead is by Requirement 4. Prepare the journal entry to adjust for the underallocated or overallocated manufacturing overhead Date Dec 31 Accounts Debit Credit ead ost Data table Estimated manufacturing overhead cost for the year Estimated direct labor cost for the year Actual manufacturing overhead cost for the year Actual direct labor cost for the year $ 120,000 100,000 115,000 67,000 Print Done -X Requirements 1. Compute the predetermined overhead allocation rate per direct labor dollar. 2. Prepare the journal entry to allocate overhead cost for the year. 3. Use a T-account to determine the amount of underallocated or overallocated maunfacturing overhead. 4. Prepare the journal entry to adjust for the underallocated or overallocated manufacturing overhead. ount (Use the first available cell to poct Print Done - X ea