8. Manufacturing overhead for the month was overapplied by $44,000. The company allocates any under-applied or over-applied manufacturing overhead among Work-in-Process, Finished Goods, and Cost of Goods Sold at the end of the month on the basis of the overhead applied during the month in those accounts.

Provide the journal entry that would record the allocation of under-applied or over-applied among work in process, finished goods, and cost of goods sold. (worth 10 points)

Work-in-Progress Balance 23,000

Finished Goods Balance 47,000

Overhead applied to Cost of Goods sold Balance 55,000

125,000