Requiring 3a with manufacturing overhead, work in process, finished goods, cost of goods sold

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.) UUUDIIUII Flavsten Company uses ajob-order costing system. On January 1, the beginning of the current year, the company's inventory balances were as follows: Raw materials$26,000 Work in process$14,000 Finished goods$32,000 The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 38,000 machine-hours and incur $153,900 in manufacturing overhead cost. The following transactions were recorded for the year: 1. Raw materials were purchased on account: $240,000. 2. Raw materials were requisitioned for use in production: $210,000 (90% direct and 10% indirect). 3. The following costs were incurred for employee services: Direct labour$176,000 Indirect labour$31,000 Sales commissions$42,000 Administrative salaries$88,000 1. Heat, power, and water costs were incurred in the factory: $51,000. 2. Prepaid insurance expired during the year: $20,000 (75% relates to factory operations, and 25% relates to selling and administrative activities). 3. Advertising costs were incurred, $60,000. 4. Depreciation was recorded for the year: $72,000 (80% relates to factory operations, and 20% relates to selling and administrative activities). 5. Manufacturing overhead cost was applied to production. The company recorded 44,000 machine- hours for the year. 6. Goods that cost $539,200 to manufacture according to their job cost sheets were transferred to the finished goods warehouse. 7. Sales for the year totalled $793,000 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $530,200