Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year, the company's Inventory balances were as follows: Raw materials Work in process Finished goods $20,eee $11,600 $30,80e The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 36,800 machine-hours and Incur $171,120 in manufacturing overhead cost. The following transactions were recorded for the year:

a. Raw materials were purchased on account $216,000.

b. Raw materials were requisitioned for use in production: $198.000 (80% direct and 20% Indirect). \

C. The following costs were incurred for employee services: Direct labour Indirect labour Sales commissions Administrative salaries $166,400 $ 28,600 $ 38,400 $ 83,200

d. Heat, power, and water costs were incurred in the factory: $45,600.

e. Prepaid Insurance expired during the year. $14,000 (85% relates to factory operations, and 15% relates to selling and administrative activities).

f. Advertising costs were incurred, $54,000.

g. Depreciation was recorded for the year: $64,800 (90% relates to factory operations, and 10% relates to selling and administrative activities).

h. Manufacturing overhead cost was applied to production. The company recorded 41,600 machine-hours for the year. i. Goods that cost $515.400 to manufacture according to their job cost sheets were transferred to the finished goods warehouse.

j. Sales for the year totalled $737.200 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $508,800. Required:

3-b. Prepare a journal entry to properly dispose of any balance in the Manufacturing Overhead account. (Do not round Intermediate calculations and round your final answers to 2 decimal places. 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 entry to properly dispose of any balance in the Manufacturing Overhead account. Note: Enter debits before credits Event General Journal Debit Credit 1 Record entry Clear entry View general journal