Southern Rim Parts estimates its manufacturing overhead to be $400,000 and its direct labor costs to be $1,000,000 for year 1. The first three jobs that Southern Rim worked on had actual direct labor costs of $59,000 for Job 301, $84,000 for Job 302, and $145,000 for Job 303. For the year, actual manufacturing overhead was $429,000 and total direct labor cost was $840,000. 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 Finished goods inventory Cost of goods sold 40,320 94,080 201,600 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.) View transaction list Journal entry worksheet Record the allocation of over- or underapplied overhead. Note: Enter debits before credits. Transaction General Journal Debit Credit