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Marlan Manufacturing (2M) applies manufacturing overhead to jobs based on direct labor...

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Question

Accounting

Marlan Manufacturing (2M) applies manufacturing overhead to jobs based on direct labor costs. For Year 2,2M estimates Its
manufacturing overhead to be $425,620 and Its direct labor costs to be $818,500.2M worked on three jobs for the year. Job 2M-1,
which was sold during Year 2, had actual direct labor costs of $748,000. Job 2M-2, which was completed but not sold at the end of the
year, had actual direct labor costs of $503,200. Job 2M-3, which is still in work-In-process inventory, had actual direct labor costs of
$108,800. Actual manufacturing overhead for Year 2 was $742,800.
Required:
Prepare an entry to allocate over- or underapplied overhead to Work in Process, Finished Goods and Cost of Goods Sold.
Note: If no entry ls required for a transaction/event, select "No journal entry required" In the first account fleld.
Journal entry worksheet
A
Record the allocation of over- or underapplied overhead.
Note: Enter debits before credits.
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