chapter 4. Assume that the company allocates any underapplied or overapplied overhead to Work in Process Finished Goods, and Cost of Goods Sold on the basis of the amount of overhead applied during the year that remains in each account at the end of the year. These amounts are $58,016 for work in process, $217,560 for finished goods, and $449,624 for cost of goods sold. Prepare the journal entry to show the allocation for the year. (If no entry is required for a transactionlevent, select "No journal entry required" in the first account field. Round your intermediate calculations to 2 decimal places.) View transaction list Journal entry worksheet Record the allocation of the underapplied/overapplied overhead to various accounts. Note: Enter debits before credits Event General Journal DebitCredit Work in process Finished goods Cost of goods sold Manufacturing overhead 57,800 Record entry Clear entry View general journal Type here to search