Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 84,500 $ 35,00 $ 44,100 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 $12.50 per direct labor-hour was based on a cost formula that estimated $500,000 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. $614,000. b. Raw materials used in production, $567.600. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor. $450.000; indirect labor. $150.000; selling and administrative salaries. $290.000 d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing). $375,000. e. Incurred various manufacturing overhead costs (e.g.. depreciation, insurance, and utilities). $350.000. f. Manufacturing overhead cost was applied to production. The company actually worked 41.000 direct labor-hours on all jobs during the year. g. Jobs costing $1.461,900 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 $3,172,500. The jobs cost $1.471.900 to manufacture according to their job cost sheets. Foundational 3-11 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 fleld.) View transaction list Journal entry worksheet