Ex 7-30 Saved Help Save & Exit Submit Check my work 1 10 points Southern Rim Parts estimates its manufacturing overhead to be $472,500 and its direct labor costs to be $1,050,000 for year 1. The first three jobs that Southern Rim worked on had actual direct labor costs of $64,000 for Job 301, $89,000 for Job 302, and $170,000 for Job 303. For the year, actual manufacturing overhead was $404,000 and total direct labor cost was $835,000. 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: Skipped Work-in-process inventory $ Finished goods inventory Cost of goods sold 37,575 75, 150 263,025 eBook Print 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.) r References View transaction list Journal entry worksheet Record the allocation of over- or underapplied overhead. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Applied manufacturing overhead Work-in-process inventory Finished goods inventory Cost of goods sold Manufacturing overhead control Record entry Clear entry View general journal