Yarra Fabrication estimates that its manufacturing overhead will be $2,291,200 in year 1. It further estimates that direct material costs will amount to $1,432,000. Actual manufacturing overhead costs for the year were $2,440,000. Actual direct materials costs were $1,590,000. Manufacturing overhead is applied to jobs based on direct materials cost using predetermined rates. The total applied overhead for the year was $2,544,000

The balance in each of the inventory accounts is as follows.

Work-in-process inventory	$	473,000
Finished goods inventory	$	1,118,000
Cost of goods sold	$	7,009,000

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.)