Fairfield Company applies manufacturing overhead to products at a predetermined rate of $66 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 810 hours @$33 per hour 230 hours for Job 101 = 260 hours for Job 102 = Total Cost $87,000 14,200 $7,590 8,580 320 hours for Job 103 = 10,560 26,730 Factory supervision 4,050 Production engineer 6,000 Factory janitorial work. 1,300 Selling, general, and administrative salaries 8,600 Other manufacturing overhead costs (factory rent, insurance, depreciation, etc.) 6,400 4,000 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 require 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 Record entry Clear entry View general journal