Required information [The following information applies to the questions displayed below.] Midnight Sun Apparel Company uses normal costing; and manufacturing overhead is applied to work-in-process on the basis of machine hours. On January 1 of the current year, there were no balances in work-in-process or finished-goods inventories. The following estimates were included in the current year's budget. During January, the firm began the following production jobs: A79: 1,000 machine hours No8: 2.500 machine hours P82: 500 machine hours During January, Job numbers A79 and NOB were completed, and job number A79 was sold. The actual manufacturing ovethead incurred during January was $26,000. 4. Prepare a journal entry to close the balance calculated in requirement 3 into Cost of Goods Sold. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record entry to close out balance of under or over applied overhead to cost of goods sold. Note: Enter debits before credits