verhead to individual jobs, based on the machine hours required. Data Table At the beginning of 2024, the company expected to incur the following: Manufacturing overhead costs Direct labor costs $880,000 1,470,000 80,000 hours Machine hours ad At the end of 2024, the company had actually incurred: Direct labor costs Depreciation on manufacturing plant and equipment Property taxes on plant Sales salaries Delivery drivers' wages Plant janitor's wages Machine hours $1,210,000 570,000 37,500 29,000 24,000 20,000 69,000 hours our Print Done Requirement 4. Prepare the journal entry to adjust for the underallocated or overallocated manufacturing overhead. Does your entry increase or decrease cost of goods sold? (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 31 Does your entry increase or decrease Cost of Goods Sold? This entry Cost of Goods Sold