Exercise 7-30 (Algo) Prorate Under- or Overapplied Overhead (LO 7-3) Southern Rim Parts estimates its manufacturing overhead to be $384,000 and its direct labor costs to be $960,000 for year 1. The first three jobs that Southern Rim worked on had actual direct labor costs of $55,000 for Job 301, $80,000 for Job 302, and $125,000 for Job 303. For the year, actual manufacturing overhead was $449,000 and total direct labor cost was $844,000. Manufacturing overhead is applied to jobs on the basis of direct labor costs using predetermined rates. Overhead applied in each of the inventory accounts is as follows: Work-in-process inventory Finished goods inventory $ Cost of goods sold 33,760 67,520 236,320 Required: Prepare an entry to prorate the under- or overapplied overhead assuming the company uses both Applied Manufacturing Overhead and Manufacturing Overhead Control accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)