Question one $(7$ points$)$:

at the end of $2023$ the allocated manufacturing overhead cost was $2300,000$ and the actual one

was $2135,000.$ The ending balances were cost of goods sold $700,000$ ; finished goods $220,000$

and work in process $80,000.$

Instruction: Calculate the over$/$under allocated balance and prepare the adjusted entry if the

differences were material.