Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year, the companys inventory balances were as follows:

Raw materials	$	16,000
Work in process	$	10,000
Finished goods	$	30,000

The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 36,000 machine-hours and incur $153,000 in manufacturing overhead cost. The following transactions were recorded for the year:

1. Raw materials were purchased on account: $200,000.
2. Raw materials were requisitioned for use in production: $190,000 (80% direct and 20% indirect).
3. The following costs were incurred for employee services:

Direct labour	$	160,000
Indirect labour	$	27,000
Sales commissions	$	36,000
Administrative salaries	$	80,000

4. Heat, power, and water costs were incurred in the factory: $42,000.
5. Prepaid insurance expired during the year: $10,000 (90% relates to factory operations, and 10% relates to selling and administrative activities).
6. Advertising costs were incurred, $50,000.
7. Depreciation was recorded for the year: $60,000 (85% relates to factory operations, and 15% relates to selling and administrative activities).
8. Manufacturing overhead cost was applied to production. The company recorded 40,000 machine-hours for the year.
9. Goods that cost $480,000 to manufacture according to their job cost sheets were transferred to the finished goods warehouse.
10. Sales for the year totalled $700,000 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $475,000.

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.)

Answer is complete but not entirely correct.

No	Event	General Journal	Debit	Credit
1	1	Manufacturing overheadselected answer correct	3,000.00selected answer correct	not attempted
		Cost of goods soldselected answer correct	not attempted	2,729.89selected answer incorrect
		Work in processselected answer correct	not attempted	201.15selected answer incorrect
		Finished goodsselected answer correct	not attempted	68.97