Verizox Company uses a job order cost system with manufacturing overhead applied to products based on direct labor hours. At the beginning of the most recent year, the company estimated its manufacturing overhead cost at $198,970. Estimated direct labor cost was $474,770 for 19,700 hours. Actual costs for the most recent month are summarized here: Total Cost $ 47, 478 Item Description Direct labor (1,970 hours) Indirect costs Indirect labor Indirect materials Factory rent Factory supervision Factory depreciation Factory janitorial work Factory insurance General and administrative salaries Selling expenses 2,510 3,420 3,340 4,780 5,740 1,130 1,850 4,240 5, 380 Required: 1., 2. & 3-a. Prepare the journal entries for overhead. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 3 Record the application of manufacturing overhead to production. 2 3 Record the application of manufacturing overhead to production. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 3-b. Does the last transaction increase or decrease Cost of Goods Sold? Increase O Decrease Record the actual manufacturing overhead cost incurred. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 3-b. Does the last transaction increase or decrease Cost of Goods Sold? Increase O Decrease 1 2 Record the transfer of manufacturing overhead account balance to cost of goods sold. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 3-b. Does the last transaction increase or decrease Cost of Goods Sold? O Increase Decrease