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	$	23,240
Finished goods inventory		63,910
Cost of goods sold		203,350

Required:

Prepare an entry to allocate the under- or overapplied overhead.