Required information [The following information applies to the questions displayed below] The following information pertains to Trenton Glass Works for the year just ended. Budgeted direct-labor cost: 70,000 hours (practical capacity) at $16 per hour Actual direct-labor cost: 80,000 hours at $17.50 per hour Budgeted manufacturing overhead: $997,500 Actual selling and administrative expenses: $438,000 2. Calculate the overapplied or underapplied overhead for the year. Note: Round your intermediate calculations to 2 decimal places. 3. Prepare a journal entry to close out the Manufacturing Overhead account into Cost of Goods Sold. Note: Round intermediate calculations to 2 decimal places. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record entry to close out the Manufacturing Overhead account into cost of Goods Sold. Note: Enter debits before credits