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Question: fairfield company applies manufacturing overhead to products at a predetermined...

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Fairfield Company applies manufacturing overhead to products at a predetermined rate of $54 per direct labor hour. Its actual manufacturing costs for the most recent period are summarized here: Item Direct materials Indirect materials Houriy labor wages Description Used on Jobs 101 and 102 Used on multiple jobs 810 hours $27 per hour 150 hours for Job 101 300 hours for Job 102 360 hours for Job 103 Total Cost 85,000 13,100 $4,050 8,100 9,720 21,870 -4,50 5,900 1,500 8,600 6,400 Other selling, general, and administrative costs (office rent, insurance, depreciation, etc 4,500 Factory supervision Production engineer Factory janitorial work Selling, general, and administrative salaries Other manufacturing overhead costs (factory rent, insurance, depreciation, etc.) 1. Prepare the journal entry to close the Manufacturing Overhead account balance to Cost of Goods Sold. (If no entry is required for a transactionlevent, select No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record the transfer of manufacturing overhead account balance to cost of goods sold Note: Enter debits before credits

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