Required information Exercise 3-34 Overapplied or Underapplied Overhead (L.O 3-4. 3-5) [The following information applies to the questions displayed below] The following information pertains to Trenton Glass Works for the year just ended. Budgeted direct-labor cost 75,000 hours (practical capacity) at $16 per hour Actual direct-labor cost: 80,000 hours at $17.50 per hour Budgeted manufocturing overhead: $997,500 Actual seling and administrative expenses: 435,000 3. Prepare a journal entry to close out the Manufacturing Overhead account into Cost of Goods Sold. (Round intermediate calculations to 2 decimal places. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)