#7

Marlan Manufacturing (2M) applles manufacturing overhead to jobs based on direct labor costs. For Year 2,2M estimates its manufacturing overhead to be $421,980 and its direct labor costs to be $811,500.2M worked on three jobs for the year. Job 2M1, which was sold during Year 2, had actual direct labor costs of $478,500. Job 2M2, which was completed but not sold at the end of the year, had actual direct labor costs of $321,900. Job 2M3, which is still in work-In-process inventory, had actual direct labor costs of $69,600. Actual manufacturing overhead for Year 2was $485,200. Requlred: Prepare an entry to allocate over- or underapplied overhead to Work in Process, Finished Goods and Cost of Goods Sold. Note: If no entry Is requlred for a transaction/event, select "No Journal entry required" In the first account fleld. Journal entry worksheet Record the allocation of over-or underapplied overhead. Note: Enter debits before credits