Linzee Liners estimates that its manufacturing overhead will be $1,764,100 in Year 1. It further estimates that direct labor costs will amount to $767,000. During March, Linzee worked on four jobs with actual direct labor costs of $36,700 for Job 0301, $24,200 for Job 0302, $33,700 for Job 0303, and $17,700 for Job 0304. Actual manufacturing overhead costs for the year were $1,752,500. Actual direct labor costs for the year were $752,000. Manufacturing overhead is applied to jobs based on direct labor costs using predetermined rates.

The amount of overhead applied in each of the inventory accounts at the end of Year 1 is as follows.

Work-in-process inventory	$ 34,592
Finished goods inventory	$ 276,736
Cost of goods sold	$ 1,418,272

Required:

Prepare an entry to allocate the over- or underapplied overhead.

Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.