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Exercise 7.30 (Static) Prorate Under- or Overapplied Overhead (LO 7-3) Southern Rim Parts estimates its manufacturtag overhead to pe 5495,000 and its direct labor costs 10 be 5900,000 for year 1 . The first three jobs that Southem Rim worked on had actual direct labor costs of $20,000 for Job 30t, $30,000 for Job 302 and $40,000 for Job 303. For the year, actual manufacturing overhead was $479,000 and total direct labor cost was $850,000. Manufacturing overhead is applied to jobs on the bavs of direct labor costs using predetermined rares Overhead oppled in each of the imvemory accounts is as follows: Required: Prepare an entry to piorate the under of overapplied ovetheod ossuming the company uses both Applied Manufacturing Overhedd and Manufoctuing Overhead Control accounts. (if no entry is required for o trensactionievent, select "No joumel entry required" In the first account fleld.) Journal entry worksheet Pecord the allocation of aver- of underapplied overhesd. ' Netei Intar debias belore vreder