Sloan Manufacturing Corporation applies manufacturing overhead on the basis of 120% of direct labor cost. An analysis of the related accounts and job order cost sheet indicates that during the year total manufacturing overhead incurred was $1 68,000 and that at year-end Work in Process Inventory, Finished Goods inventory, and Cost of Goods Sold Included $24,000. $1 6,000, and $120,000, respectively, of direct labor incurred during the current year. Determine the over-applied manufacturing overhead at year-end (assume it is significant). Prepare a journal entry to record the disposition of the over-applied manufacturing overhead