Problem: For the year ended December 31, 2017, the job cost sheets of Cinta Company contained the following data.
Other data:
1. Raw material inventory totaled $17,850 on January 1. During the year, $166,600 of raw materials was purchased on account.
2. Finished goods on January 1 consisted of Job No. 7638 for $103,530 and Job No. 7639 for $109,480.
3. Job No. 7638, 7639, and 7641were completed during the year.
4. Job No. 7638, 7639, and 7641 were sold on account for $630,700.
5. Manufacturing overhead incurred on account totaled $142,800.
6. Other manufacturing overhead consisted of indirect materials $16,660, indirect labor $21,420, and depreciation on factory machinery $9,520.
Required:
Prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely to Cost of Goods Sold.