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 $294,500 and machine hours to be 15,500. Actual manufacturing overhead and machine hours were $331,500 and 16,500, 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.) View transaction list Journal entry worksheet 2 3 Record the actual manufacturing overhead cost incurred. Note: Enter debits before credits. Transaction Debit Credit General Journal Work in Process Inventory 2 (Alt + A) Record entry Clear entry View general journal