Smith Foundry uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the company expected to incur the following: (Click the icon to view the beginning of the year information.) At the end of the year, the company had actually incurred the following: E (Click the icon to view the end of the year information.) Smith's accountant found an error in the expense records from the year reported. Depreciation on manufacturing plant and equipment was actually $420,500, not the $520,500 as originally reported. The unadjusted cost of goods sold balance at year-end wa $630,000 Requirements Requirement 1. Prepare the journal entry to record manufacturing overhead costs incurred. (Record debits first, then credits. Explanations are not required.) Journal Entry Date Accounts Debit Credit Requirement 2. Prepare the journal entry to record the manufacturing overhead allocated to jobs in production. Before completing the journal entry, first compute the manufacturing overhead allocated. Select the labels in the formula and then compute the manufacturing overhead allocated. Manufacturing overhead allocated Now, complete the journal entry to record the manufacturing overhead allocated to jobs in production Journal Entry Date Accounts Debit Credit Time Remaining:01 39:18 Requirement 2. Prepare the journal entry to record the manufacturing overhead allocated to jobs in production. Before completing the journal entry, first compute the manufacturing overhead allocated. Select the labels in the formula and then compute the manufacturing overhead allocated. Manufacturing overhead allocated - Now, complete the journal entry to record the manufacturing overhead allocated to jobs in production. Journal Entry Date Accounts Debit Credit Requirement 3. Use a T-account to determine whether manufacturing overhead is underallocated or overallocated, and by how much Manufacturing Overhead After correcting the error, manufacturing overhead is 7 ] by $ Requirement 4. Record the entry to close out the underallocated or overallocated manufacturing overhead. Journal Entry Date Accounts Debit Credit Requirement 5. What is the adjusted ending balance of cost of goods sold? Use the following table to calculate the adjusted ending balance of cost of goods sold. (Use parentheses or a minus sign for numbers to be subti Adjusted cost of goods sold - - Beginning of the year information End of the year information Manufacturing overhead cost Direct labour cost 1,230,000 Direct labour cost. 632,000 1,300,000 79,000 b overnd Machine hours Depreciation on manufacturing plant and equipment Property taxes on plant. Sales salaries 520,500 20,500 23,500 13,500 11,000 67,500 hours Print Done Delivery drivers' wages. Plant janitors' wages. Machine hours at is the adjusted ending balance of cost of goods sold? e to calculate the adjusted ending balance of cost of goods sold. (Use parenthese Print Done