Raw materials Work in process Finished goods $ 72,500 $ 18,200 $ 46, 500 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 $15.50 per direct labor hour was based on a cost formula that estimated $620.000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year a, Raw materials were purchased on account. $628.000. b. Raw materials used in production, $598,000. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services direct labor, $570.000: Indirect labor. $150.000; selling and administrative salaries, $266,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing) $418,000. e. Incurred various manufacturing overhead costs (e.g. depreciation, Insurance, and utilities), $470,000. - Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year 9. Jobs costing $1717,900 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 $3,225,000. The fobs cost $1,727900 to manufacture according to their job cost sheets, 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.)