Exercise 7-31 Prorate Over-or Underapplied Overhead (LO 7-3) Aspen Company estimates its manufacturing overhead to be $604,800 and its direct labor costs to be $504,000 for year 2. Aspen worked on three jobs for the year. Job 2-1, which was sold during year 2 had actual direct labor costs of $339,375. Job 2-2, which was completed, but not sold at the end of the year, had actual direct labor costs of $271,500. Job 2-3, which is still in work-in-process inventory, had actual direct labor costs of $67,875. Actual manufacturing overhead for year 2 was $801,500. Manufacturing overhead is applied on the basis of direct labor costs. Required: Prepare an entry to allocate over- or underapplied overhead to Work in Process, Finished Goods and Cost of Goods Sold. (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 Note: Enter debits before credits Transactio General Journal Debit Credit Record entry Clear entry View general journal