Fairfield Company applies manufacturing overhead to products at a predetermined rate of $54 per direct labor hour. Its actual manufacturing costs for the most recent period are summarized here: Item Direct materials Indirect materials: Hourly labor wages Description Used on Jobs 101 and 102 Used on multiple jobs. 930 hours $27 per hour 250 hours for Job 101 290 hours for Job 102 Total Cost $ 84,000 14,700 $6,750 7,830 390 hours for Job 103 - 10,530 25,110 Factory supervision 3,350 Production engineer Factory janitorial work Selling, general, and administrative salaries 5,800 2,000 9,600, 6,800 4,500 Other manufacturing overhead costs (factory rent, insurance, depreciation, etc.) Other selling, general, and administrative costs (office 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 1 Record the transfer of manufacturing overhead account balance to cost of goods sold. Note: Enter debits before credits. Transaction General Journal Debit Credit a Manufacturing Overhead 32,050 Cost of Goods Sold Record entry Clear entry View general journal