Exercise $7-33($Algo$)$ Prorate Under$-$ or Overapplied Overhead $($LO $7-3)$

Antoine Machining estimated its manufacturing overhead to be $$297,600$ and its direct materials costs to be $$480,000$ in Year $1.$ Three of the jobs that Antoine Machining worked on in Year $1$ had actual direct materials costs of $$19,500$ for Job AM$002,$ $$71,500$ for Job AM$005,$ and $$91,000$ for Job AM$008.$ For Year $1,$ actual manufacturing overhead was $$316,000$ and total direct materials cost was $$690,000.$ Manufacturing overhead is applied to jobs on the basis of direct materials costs using predetermined rates.

Overhead applied in each of the inventory accounts is as follows:

Work$-$in$-$process inventory $ $25,668$

Finished goods inventory $81,282$

Cost of goods sold $320,850$

Required:

Prepare an entry to allocate the under$-$ or overapplied overhead.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.