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CoursHeroTranscribedText: 3. Refer to the information in Exercise 2 above. Prepare an entry to allocate the under- or over applied overhead. Overhead applied in each of the inventory accounts is as follows: Work-in-process inventory . . . . . . . . . . . . . $10,125 Finished goods inventory . . . .. . . 30,375 Cost of goods sold . . . . . . . 60,750 4. Aspen Company estimates its manufacturing overhead to be $625,000 and its direct labor costs to be $500,000 for year 2. Aspen worked on three jobs for the year. Job 2-1, which was sold during year 2, had actual direct labor costs of $195,000. Job 2-2, which was completed, but not sold at the end of the year, had actual direct labor costs of $325,000. Job 2-3, which is still in work-in-process inventory, had actual direct labor costs of $130,000. Actual manufacturing overhead for year 2 was $825,000. Manufacturing overhead is applied on the basis of direct labor costs. Required a. How much overhead was applied to each job in year 27 b. What was the over- or under applied manufacturing overhead for year 2