The following information pertains to Trenton Glass Works for the year just ended. Budgeted direct-labor cost: 70,000 hours (practical capacity) at $16 per hour Actual direct-labor cost: 80,000 hours at $17.50 per hour Budgeted manufacturing overhead: $997,500 Actual selling and administrative expenses: $431,000 Actual manufacturing overhead: Depreciation Property taxes Indirect labor Supervisory salaries $ 232,000 22,000 83,000 201,000 Utilities 59,000 Insurance 31,000 Rental of space 301,000 Indirect material (see data below) 78,000 Indirect material: Beginning inventory, January 1 48,000 Purchases during the year 94,000 Ending inventory, December 31 64,000 3. Prepare a journal entry to close out the Manufacturing Overhead account into Cost of Goods Sold. Note: Round intermediate calculations 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 not complete. No Transaction General Journal Debit Credit 1 1 Manufacturing overhead Cost of goods sold No journal entry required No journal entry required No journal entry required No journal entry required