Exercise 3-16 Applying Overhead; Journal Entries; Dispusition of Underapplled or Overapplied Ovemead [L03-4. L035, L03-7 The loiiowing intbnnaiipn is taken irorri the accounts oi Lana Company. The entries in the Traccoums are summaries ol Ihelransaclions that aecled those accounts duringlhe year, Manuiaeiuiing Ovemead Wadi in Flues: 353,000 437,000 Eai 104,800 (:2) 737,700 210,600 114,800 (b) 437,000 Eai 79,500 Finished Goods Costa! Goods Sold 155,000 343,700 (d) 843 700 787,7 The overhead that had been appliedio pmducliun dunnglhe year is disinbmed arrierigihe ending baiances in the accounts as ioliows: Work in process, ending 3 39,330 Finished goods, ending 76,660 Cast 0! goods Soid Mini\" Overhead apuiied $ 431%\" For exampie, oi the 579,500 ending balance in work in process, $39,330 was overhead that had been applied during the year