Fairfield Company applies manufacturing overhead to products at a predetermined rate of $64 per direct labor hour. Its actual manufacturing costs for the most recent period are summarized here: Item Description Total Cost Direct materials Used on Jobs 101 and 102 77,000 Used on multiple jobs Indirect materials 13,400 Hourly labor wages 830 hours $32 per hour 6,720 210 hours for Job 101 320 hours for Job 102 10,240 300 hours for Job 103 9.600 26,560 Factory supervision 4,150 Production engineer 5,000 Factory janitorial work 1,100 Selling, general, and administrative salaries 9,000 Other manufacturing overhead costs (factory rent, insurance, depreciation, etc.) 6,200 other selling, general, and administrative costs (office rent, insurance, depreciation, etc.) 4,800 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 view general journal Journal Entry Worksheet Record the transfer of manufacturing overhead account balance to cost of goods sold. Debit Transaction General Journal Credit *Enter debits before credits done clear entry record entry