Cambridge Manufacturing Company applies manufacturing overhead on the basis of machine hours. At the beginning of the company estimated its total overhead cost to be $310,000 and machine hours to be 15,500. Actual manufacturing overhead machine hours were $348,000 and 16,500, respectively. Required: 1. & 2. Prepare the journal entries for actual and applied manufacturing overhead and transfer of manufacturing overhead ac balance to cost of goods sold. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.