Prorate Under- or Overapplied Overhead Refer to the information in Exercise 6.19. Prepare an entry to allocate the overhead as follows:

 Exercise 6.19.

Cincy Corporation estimates its manufacturing overhead to be \($110,000\) and its direct labor costs to be \($200,000\) for year 1. The actual direct labor costs were \($50,000\) for job 301, \($75,000\) for job 302, and \($100,000\) for job 303 during year 1; the actual manufacturing overhead was \($130,000.\) Manufacturing overhead is applied to jobs on the basis of direct labor costs using predetermined rates.

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Work in process inventory Finished goods inventory 10% 25% Cost of goods sold 65%