Fairfield Company applies manufacturing overhead to products at a predetermined rate of $56 per direct labor hour, ts actual manufacturing costs for the most recent period are summarized here Description Used on Jobs 101 and 102 Used on multiple jobs 790 hours S28 per hour 210 hours for Job 101: 270 hours for Job 102 310 hours for Job 103 = Item Direct materials Indirect materials Hourly labor wages Total Cost 84,000 15,000 S 5,880 7,560 8680 22,120 -3,750 5,800 1,200 9,100 6,200 Other selling. general, and administrative costs (office rent insurance, depreciation, etc. 4,200 Factory supervision Production engineer Factory janitorial work Selling. general, and administrative salaries Other manufacturing overhead costs (factory rent, insurance, depreciation, etc.) 1. Prepare the journal entry to close the 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 Record the transfer of manufacturing overhead account balance to cost of goods sold Note: Enter debits before credits. Transaction General Journal Debit Credit anufacturing Overhead Cost of Goods Sold Record entry Clear entry View general jourmal