Assume the company closes any underapplied or overapplied overhead directly to Cost of Goods Sold. Prepare the appropriate entry. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round your intermediate calculations to 2 decimal places.) Record the entry to close the balance in the manufacturing overhead account to the cost of goods sold account. Assume the company closes any underapplied or overapplied overhead directly to Cost of Goods Sold. Prepare the appropriate entry. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round your intermediate calculations to 2 decimal places.) Record the entry to close the balance in the manufacturing overhead account to the cost of goods sold account