1 Raw materials Work in process Finished goods $ 63,000 $ 22,280 $ 52,500 of 15 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $11.50 per direct labor-hour was based on a cost formula that estimated $460,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year ak a Raw materials were purchased on account, $618,000. b. Raw materials used in production, $569,400. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $410,000; Indirect labor. $150,000; selling and d. Incurred various celling and administrative expenses (0.9. advertising, sales travel costs, and finished goods Warehousing). $382,000. e Incurred various manufacturing overhead costs (eg.. depreciation Insurance, and utilities). $310,000. Manufacturing overhead cost was applied to production. The company actually worked 41.000 direct labor-hours on all g. Jobs costing $1.372,600 to manufacture according to their job cost sheets were completed during the year. h. Jobs were sold on account to customers during the year for a total of $3,202,500 The Jobs cost $1.382.600 to manufacture according to their job cost sheets mees Foundational 3-11 (Algo) 11. What is the journal entry to record the cost of goods sold referred to in item h above? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Vlow fransaction at Journal entry worksheet