Southern Rim Parts estimates its manufacturing overhead to be $385,000 and its direct labor costs to be $1,100,000 for year 1. The first three jobs that Southern Rim worked on had actual direct labor costs of $69,000 for Job 301, $94,000 for Job 302, and $195,000 for Job 303. For the year, actual manufacturing overhead was $379,000 and total direct labor cost was $830,000. 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:

Work-in-process inventory$23,240Finished goods inventory63,910Cost of goods sold203,350

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.)