Yarra Fabrication estimates that its manufacturing overhead will be $2,304,000 in year 1. It further estimates that direct material costs will amount to $1,440,000. Actual manufacturing overhead costs for the year were $2,450,000. Actual direct materials costs were $1,600,000. Manufacturing overhead is applied to jobs based on direct materials cost using predetermined rates. The total applied overhead for the year was $2,560,000 The balance in each of the inventory accounts is as follows. Work-in-process inventory Finished goods inventory Cost of goods sold $ 478,500 $1,131,000 $7,090,500 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.) Answer is complete but not entirely correct. No Transaction Credit 1 Debit 110,000 General Journal Applied manufacturing overhead Manufacturing overhead control Work-in-process inventory Finished goods inventory Cost of goods sold OOOO 2,450,000 6,050 14,300 89,650