The following information is available for $20x_5$ for Ocra & Associates Oil Refinery:

Ending Work in Process: $$50,000($including applied overhead of $$20,000)$

Ending Finished Goods: $,$$$130,000($including applied overhead of $$40,000)$

Cost of Goods Sold for the year: $,$$$1,200,000($including applied overhead of $$440,000$ from this year$)$

$(5$ points$)$ At year$-$end, the company had an under$-$applied overhead balance of $$38,000.$ This amount is not considered significant. Prepare the adjusting entry with respect to overhead at year end.

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