3-b. Prepare a journal entry to properly dispose of any balance in the Manufacturing Overhead account. (Do not round intermediate calculations and round your final answers to 2 decimal places. If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 > Record the entry to properly dispose of any balance in the Manufacturing Overhead account. Note: Enter debits before credits Event Debit Credit 1 General Journal Manufacturing overhead Cost of goods sold Finished goods Work in process Record entry Clear entry View general journal Ravsten Company uses a job order costing system. On January 1 the beginning of the current year, the company's inventory balances were as follows taw materials work in process Finished goods $25,500 313,00 331,900 The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estmated that it would work 37,900 machine-hours and incur $151,600 in manufacturing overhead cost. The following transactions were recorded for the year Raw materials were purchased on account $238.000 1. Raw materials were requisitioned for use in production: $209,000 (90% direct and 10% indirect), c. The following costs were incurred for employee services Direct labour Indirect labour Sales commissions Administrative salaries $175,200 $ 30,800 $ 41,700 $ 87,600 d. Heat power, and water costs were incurred in the factory $50,550 . Prepaid insurance expired during the year $19,500 (75% relates to factory operations, and 25% relates to selling and administrative Advertising costs were incurred, $59.500 a Depreciation was recorded for the year $71400 (80% relates to factory operations, and 20% relates to selling and administrative activities) h. Manufacturing overhead cost was applied to production. The company recorded 43.800 machine hours for the year. Goods that cost $534,600 to manufacture according to their job cost sheets were transferred to the finished goods warehouse 1. Sales for the year totalled $788.400 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $525,800