Required information [The following information applies to the questions displayed below.] he 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 Actual manufacturing overhead: Depreciation Property taxes Indirect labor Supervisory salaries Utilities Insurance Rental of space Indirect material (see data below) $231,000 21,000 80,000 201,000 59,000 31,000 301,000 80,000 Indirect material: Beginning inventory, January 1 Purchases during the year Ending inventory, December 31 48,000 95,000 63,000 2. Calculate the overapplied or underapplied overhead for the year. (Round your intermediate calculations to 2 decimal places.) Overapplied overhead 3. Prepare a journal entry to close out the Manufacturing Overhead account into Cost of Goods Sold. (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.) View transaction list Journal entry worksheet Record entry to close out the Manufacturing Overhead account into Cost of Goods Sold Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal