Problem $5-17$ Applying Overhead; Journal Entries; Disposition of Underapplied or Overapplied Overhead $[$LO$4,$ LO$5,$ LO$7]$

The following information is taken from the accounts of Foster Corp. The entries in the T$-$accounts are summaries of the transactions that affected those accounts during the year.

Manufacturing Overhead

$($a$)432,000($b$)475,000$

Bal. $43,000$

Work in Progress

Bal. $118,000($c$)825,000$

$223,000$

$128,000$

$($b$)475,000$

Bal. $119,000$

Finished Goods

Bal. $179,500($d$)878,500$

$($c$)825,000$

Bal. $126,000$

Cost of Goods Sold

$($d$)878,500$

The overhead applied to production during the year is distributed among the ending balances in the accounts as follows:

Work in Process, ending $ $47,500$

Finished Goods, ending $71,250$

Cost of Goods Sold $356,250$

Overhead applied $ $475,000$

For example, of the $$119,000$ ending balance in Work in Process, $$47,500$ was overhead applied during the year.