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Southern Rim Parts estimates its manufacturing overhead to be $436,000 and its direct labor costs to be $1,090,000 for year 1. The first three jobs that Southern Rim worked on had actual direct labor costs of $68,000 for Job 301, $93,000 for Job 302, and $190,000 for Job 303. For the year, actual manufacturing overhead was $384,000 and total direct labor cost was $831,000. 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: Work-in-process inventory $ 33,240
Finished goods inventory 66,480
Cost of goods sold 232,680
Required:
Problem 1: 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.)
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