Moretti Corporation Has Adopted a JIT Management System and Has $\$ 94$

Essay

Moretti Corporation has adopted a JIT management system and has the following transactions in March:
Mar 5 Incurred labor and overhead costs, $95,000
Mar 31 Completed 650 units with standard costs of $\$ 94$ for direct materials and $\$ 128$ for conversion costs Open a T-account for Conversion Costs. Post appropriate entries to determine the amount of underallocated or overallocated overhead. Record the adjusting entry on March 31. Omit explanation.