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E2-8 (Static) Preparing Journal Entries (LO 2-S1) Cambridge Manufacturing Company applies manufacturing overhead on the basis of machine hours. At the beginning of the year, the company estimated its total overhead cost to be $325,000 and machine hours to be 25,000. Actual manufacturing overhead and machine hours were $372,000 and 26,000, respectively. Required: 1. & 2. Prepare the journal entries for actual and applied manufacturing overhead and transfer of manufacturing overhead account balance to cost of goods sold. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list View journal entry worksheet Debit No Credit General Journal Transaction 372.000 Manufacturing Overhead Accounts Receivable 372 000 295 880 2 Work in Process Inventory Manufacturing Overhead 47,000 Cost of Goods Sold Manufacturing Overhead 47000