Kwik Products uses a predetermined overhead application rate of $18 per labor hour. A review of the company's accounting records revealed budgeted manufacturing overhead for the period of $675,000, applied manufacturing overhead of $617,400, and overapplied overhead of $12,400. Required: A. Determine Kwik's actual labor hours, budgeted labor hours, and actual manufacturing overhead. B. Present the necessary year-end journal entry to handle the overapplied overhead, assuming that the firm allocates over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required A Required B Present the necessary year-end journal entry to handle the overapplied overhead, assuming that the firm allocates over- or underapplied overhead to 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 year-end journal entry to adjust overapplied overhead to cost of goods sold. Journal entry worksheet Record the year-end journal entry to adjust overapplied overhead to cost of goods sold. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal