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Yarra Fabrication estimates that its manufacturing overhead will be $2,252,800 in year 1. It further estimates that direct material costs will amount to $1,408,000. Actual manufacturing overhead costs for the year were $2,410,000. Actual direct materials costs were $1,560,000. Manufacturing overhead is applied to jobs based on direct materials cost using predetermined rates. The total applied overhead for the year was $2,496,000 The balance in each of the inventory accounts is as follows. Work-in-process inventory $456,500
Finished goods inventory $1,079,000
Cost of goods sold $6,764,500
Required:
Problem 1: Prepare entry to allocate the over- or underapplied overhead
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