Yarra Fabrication estimates that its manufacturing overhead will be $2,246,400 in year 1. It further estimates that direct material costs will amount to $1,404,000. Actual manufacturing overhead costs for the year were $2,405,000. Actual direct materials costs were $1,555,000. Manufacturing overhead is applied to jobs based on direct materials cost using predetermined rates. The total applied overhead for the year was $2,488,000 The balance in each of the inventory accounts is as follows. Work-in-process inventory Finished goods inventory Cost of goods sold $ 453,750 $1,072,500 $6,723, 750 Required: Prepare an entry to allocate the over- or underapplied 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 K