Exercise 7-34 (Algo) Prorate Over- or Underapplied Overhead (LO 7-3) Aspen Company estimates its manufacturing overhead to be $608,400 and its direct labor costs to be $507,000 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 $272,000 Job 2-2, which was completed, but not sold at the end of the year, had actual direct labor costs of $340,000. Job 2-3, which is still in work-in-process Inventory, had actual direct labor costs of $68,000. Actual manufacturing overhead for year 2 was $802,700. 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. Transaction General Journal Debit Credit