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Required information

Problem $3-53$ Proration of Overapplled or Underapplled Overhead $($LO $3-2,3-4,3-5,3-6)$

$[$The following information applies to the questions displayed below.$]$

Midnight Sun Apparel Company uses normal costing, and manufacturing overhead is applied to work$-$in$-$process on the basis of machine hours. On January $1$ of the current year, there were no balances in work$-$in$-$process or finished$-$goods inventories. The following estimates were included in the current year's budget.

Total budgeted manufacturing overhead

$5.235,000$

Total budgeted machine hours

$47,800$

During January, the firm began the following production jobs:

A$79$: $1,000$ machine hours

N$08$: $2,500$ machine hours

P$82$: $500$ machine hours

During January, job numbers A$79$ and N$08$ were completed, and job number A$79$ was sold. The actual manufacturing overhead incurred during January was $$26,000.$

Problem $3-53$ Part $5$

$5.$ Prepare a journal entry to prorate the balance calculated in requirement $3$ among the Workin$-$Process Inventory, Finished$-$Goods Inventory, and Cost of Goods Sold accounts. $($Do not round intermediate calculations. If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$