Yarra Fabrication estimates that its manufacturing overhead will be $2,355,200 in year 1. It further estimates that direct material costs will amount to $1,472,000. Actual manufacturing overhead costs for the year were $2,490,000. Actual direct materials costs were $1,640,000. Manufacturing overhead is applied to jobs based on direct materials cost using predetermined rates. The total applied overhead for the year was $2,624,000 The balance in each of the inventory accounts is as follows. Work-in-process inventory Finished goods inventory Cost of goods sold $ 500,500 $1,183,000 $7,416,500 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.) Journal entry worksheet