Cambridge Manufacturing Company applies manufacturing overhead on the basis of machine hours. At the beginning of the year, the company estimated its total overhead cost to be $275,500 and machine hours to be 14,500. Actual manufacturing overhead and machine hours were $323,500 and 15,500, respectively, Required: 1. & 2. Prepare the journal entries for actual and applied manufacturing overhead and transfer of manufacturing overhead account balance to cost of goods sold. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Answer is complete but not entirely correct. No Transaction Debit Credit 1 General Journal Manufacturing Overhead Cash, Payables, etc 324,500 03 324,500 2 b 294,500 Work in Process Inventory Manufacturing Overhead 294,500 3 30,000 Cost of Goods Sold Manufacturing Overhead so 30,000