Yarra Fabrication estimates that Its manufacturing overhead will be $2,240,000 In year 1. It further estimates that direct materlal costs Will amount to $1,400,000. During July, Yarra worked on four jobs with actual direct materials costs of $60,000 for Job 0701, $40,000 for Job 0702, $55,000 for Job 0703, and $35,000 for Job 0704. Actual manufacturing overhead costs for the year were $2,400,000. Actual direct materials costs were $1,550,000. Manufacturing overhead is appliled to jobs based direct materials cost 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 451,eee $1,066,000 $6,683,eee Required: Prepare an entry to allocate the over- or underappled overhead. (If no entry is required for a transaction/event, select entry required" in the first account fleld.) journal Answer is not complete. No Transaction General Journal Debit Credit Applied manufacturing overhead A 58,000 Work-in-process inventory 80,000