Pharoah Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $$247,500$ for the year, and machine usage is estimated at $112,500$ hours.

For the year, $$289,800$ of overhead costs are incurred, and $117,000$ hours are used.

Prepare the adjusting entry to assign the under or over applied overhead for the year to cost of goods sold. $($List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$