Exercise 7-30 (Algo) Prorate Under-or Overapplied Overhead (LO 7-3) Southern Rim Parts estimates its manufacturing overhead to be $368,000 and its direct labor costs to be $920,000 for years. The first three jobs that Southern Rim worked on had actual direct labor costs of $51,000 for Job 301, $76,000 for Job 302, and $105,000 for Job 303. For the year, actual manufacturing overhead was $469,000 and total direct labor cost was $848,000. 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 $ 33,920 Tinished goods inventory 67,840 Cost of goods sold 237,440 Required: Prepare an entry to prorate the under-or overapplied overhead. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the allocation of over or underapplied overhead