The McConnell Company applies manufacturing overhead to jobs using a predetermined overhead rate of 75% of direct labor cost. The company has direct labor cost of $300,000 and actual manufacturing overhead cost of $220,000. What entry to close the balance of manufacturing overhead to cost of goods sold should be done? a. Cost of goods sold Manufacturing overhead Manufacturing overhead 5,000 5,000 Ob. Cost of goods sold 80,000 80,000 O Manufacturing overhead 5,000 5,000 Od. Manufacturing overhead 80,000 Cost of goods sold 80,000 Cost of goods sold