2 Aspen Company estimates its manufacturing overhead to be $625,000 and its direct labor costs to be $500,000 for year 2. Aspen worked on three jobs for the year. Job 2-1, which was sold during year 2, had actual direct labor costs of $195,000. Job 2-2, which was completed, but not sold at the end of the year, had actual direct labor costs of $325,000. Job 2-3, which is still in work-in-process inventory, had actual direct labor costs of $130,000. Actual manufacturing overhead for year 2 was $799,900. Manufacturing overhead is applied on the basis of direct labor costs. 15 points Required: Prepare an entry to allocate over- or underapplied overhead to Work in Process, Finished Goods and Cost of Goods Sold. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) eBook View transaction list View journal entry worksheet Print No Transaction General Journal Debit Credit A 1 12,500 References 2,500 Applied manufacturing overhead Work-in-process inventory Finished goods inventory Cost of goods sold Manufacturing overhead control 6,250 3,750 12,500