Southern Rim Parts estimates its manufacturing overhead to be $318,000 and its direct labor costs to be $1.060,000 for year 1. The first three jobs that Southern Rim worked on had actual direct labor costs of $65,000 for Job 301, $90,000 for Job 302, and $175,000 for Job 303. For the year, actual manufacturing overhead was $399,000 and total direct labor cost was $834,000. Manufacturing overhead is applied to jobs on the basis of direct labor costs using predetermined rates. Overhead applied in each of the inventory accounts is as follows: $ 25,020 Work-in-process inventory Finished goods inventory Cost of goods sold 62,550 162,630 Southern Rim Parts estimates its manufacturing overhead to be $318,000 and its direct labor costs to be $1.060,000 for year. The first three jobs that Southern Rim worked on had actual direct labor costs of $65,000 for Job 301, $90,000 for Job 302, and $175,000 for Job 303. For the year, actual manufacturing overhead was $399,000 and total direct labor cost was $834,000. Manufacturing overhead is applied to jobs on the basis of direct labor costs using predetermined rates. Overhead applied in each of the inventory accounts is as follows: $ 25,020 Work-in-process inventory Finished goods inventory Cost of goods sold 62,550 162,630 Required: Prepare an entry to prorate the under or overapplied overhead. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)