Exercise 3-8 (Algo) Applying Overhead; Journal Entries; Disposing of Underapplied or Overapplied Overhead [LO3-1, LO3-2, LO3-4] The following information is taken from the accounts of Lotta Compacy. The entries in the T-accounts aro summaries or the transactions that affected those accounts during the year. The overhead that had been applied to production during the year is distributed amiong Wook in Process, finished Goods and Cost of Goods Sold as of the end of the year as follows. For example, of the $44,000 ending balance in work in process. $21,20 wos overfiead that had been anpled ouring the vear Journal entry worksheet Record the adjustment of manufacturing overhead account to COGS Note: Enter debits belore credits. Assume that the underapplied or overapplied overhead is closed proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the necessary journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first. account feld. Do not round intermediate calculations.)