Yarra Fabrication estimates that its manufacturing overhead will be $2,348,800 in year 1. It further estimates that direct material costs will amount to $1,468,000. Actual manufacturing overhead costs for the year were $2,485,000. Actual direct materials costs were $1,635,000. Manufacturing overhead is applied to jobs based on direct materials cost using predetermined rates. The total applied overhead for the year was $2,616,000 The balance in each of the inventory accounts is as follows. Work-in-process inventory Finished goods inventory Cost of goods sold $ 497,750 $1,176,500 $7,375,750 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.) Answer is not complete. No Transaction General Journal Debit Credit A 1 2,616,000 Applied manufacturing overhead Work-in-process inventory Finished goods inventory Cost of goods sold