. Check my work Exercise 7-35 (Static) Prorate Over- or Underapplied Overhead (LO 7-3) 0 62 Linzee Liners estimates that its manufacturing overhead will be $1,725,000 in Year 1. it further estimates that direct -_ t labor costs will amount to $750,000. porn 5 During March, Linzee worked on fourjobs with actual direct labor costs of $35,000 for Job 0301, $22,500 for Job 0302, $32,000 for Job 0303, and $16,000 for Job 0304. Actual manufacturing overhead costs for the year were $1 ,710,000. Actual direct labor costs for the year were $735,000. Manufacturing eBook overhead is applied to jobs based on direct labor costs using predetermined rates. Ask The amount of overhead applied in each of the inventory accounts at the end of Year1 is as follows: Print Work-inprocess inventory Finished goods inventory R fe nce e re 5 Cost of goods sold $ 33,319 3 276,489 $ 1,386,219 Required: Prepare an entry to allocate the over or underapplied overhead. Note: If no entry is required for a transaction/event, select "No journal entry required\" in the first account eld. \\ew transaction list