PART $3(35$ points$)$ Husky Ltd$.$ manufactures toys using a continuous production process that flows through two departments: Forming and Finishing. In the forming department, various components are built and are transferred to the finishing department. In the finishing department, those components are assembled into Husky$$s final product and once finished, are transferred to Husky$$s Finished Goods Inventory. Any spoilage is detected at the end of the process $($i$.$e$.$ when the toys are $100\%$ complete$).$ Husky uses the FIFO method of accounting for costs. In the Finishing Department, Direct materials are added at $70\%$ of conversion and conversion costs are added evenly throughout the process. Finishing Department Physical Units Transferred In Direct Materials Conversion Work in Process January $137,000$ $ $76,400$ $ $0$ $ $30,062$ Degree of Completion in beginning WIP $65\%$ Units Transferred in from Forming in January $232,500$ Good Units Transferred Out $240,000$ Work In Process January $3124,000$ Normal Spoilage as a percentage of good units completed $2\%$ Degree of Completion in Ending WIP $50\%$ Costs added in January $ $488,250$ $ $26,400$ $ $288,375$ Required: Prepare the Journal Entry$($ies$)$ to transfer the costs of production out of the Finishing Department for January. Prepare a Cost of Production Worksheet for the Finishing Department to show how the journal entries are created