Transaction list: Record under - or over applied Overhead.

Requlred Information [The following Information applies to the questions displayed below.] FInlon Upholstery, Inc., uses a job-order costing system to accumulate manufacturing costs. The company's work-Inprocess on December 31,201, consisted of one job (no. 2077), which was carrled on the year-end balance sheet at $156,800. There was no finished-goods inventory on this date. Finlon applies manufacturing overhead to production on the basis of direct-labor cost. (The budgeted direct-labor cost is the company's practical capacity, In terms of direct-labor hours, multiplled by the budgeted direct-labor rate.) Budgeted totals for 202 for direct labor and manufacturing overhead are $4,200,000 and $5,460,000, respectlvely. Actual results for the year follow. Job no. 2077 was completed In January 202; there was no work in process at year-end. All jobs produced during 202 were sold with the exception of job no. 2143, which contained direct-materlal costs of $156,000 and direct-labor charges of $85,000. The company charges any under- or overapplied overhead to Cost of Goods Sold. 5-a. Compute the amount of under- or overapplied overhead at year-end. 5.b. Prepare the necessary journal entry to record its disposition. Complete this question by entering your answers in the tabs below. Compute the amount of under- or overapplied overhead at year-end. Finlon applies manufacturing overhesd to production on the bssis of direct-labor cost. (The budgeted direct-labor cost is the compony's proctical capocity, in terms of direct-labor hours, multiplied by the budgeted direct-labor rate.) Budgeted totals for 202 for direct labor ond manufacturing overhesd are $4,200,000 and $5,460,000, respectively. Actual results for the yesr follow. Job no. 2077 was completed in Janusry 202; there wos no work in process at year-end. All jobs produced during 202 were sold with the exception of job no. 2143 , which contained direct-material costs of $156,000 and direct-lebor charges of $85,000. The compony charges any under- or overapplied overhead to Cost of Goods Sold. a. Compute the amount of under- or overapplied overhead at year-end. b. Prepare the necessary journal entry to record its disposition. Complete this question by entering your answers in the tabs below. Prepare the necessary joumal entry to record its disposition. (II no entry is required for a transaction/event, select "No joumal entry required" in the first account field.) Journal entry worksheet Record under- or over applied overhead. Note: Enter debits before credits