The following information pertains to Trenton Glass Works for the year just ended. Budgeted direct-labor cost: 75,000 hours (practical capacity) at $16 per hour Actual direct-labor cost: 80,000 hours at $17.50 per hour Budgeted manufacturing overhead: $997,500 Actual selling and administrative expenses: 437,000 Actual manufacturing overhead: Depreciation $ 230,000 Property taxes 20,000 Indirect labor 81,000 Supervisory salaries 200,000 Utilities 59,000 Insurance 31,000 Rental of space 303,000 Indirect material (see data below) 79,000 Indirect material: Beginning inventory, January 1 47,000 Purchases during the year 95,000 Ending inventory, December 31 63,000 2. Calculate the overapplied or underapplied overhead for the year. (Round your intermediate calculations to 2 decimal places.) 3. Prepare a journal entry to close out the Manufacturing Overhead account into Cost of Goods Sold. (Round intermediate calculations to 2 decimal places. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)