Finlon Upholstery, Inc., uses a job-order costing system to accumulate manufacturing costs. The company's work-inprocess on December 31,201, consisted of one job (no. 2077), which was carried on the year-end balance sheet at $156,800. There was no finished-goods inventory on this date. Finion applies manufacturing overhead to production on the basis of direct-labor cost. (The budgeted direct-labor cost is the company's practical capacity, in terms of direct-labor hours, multiplied by the budgeted direct-labor rate.) Budgeted totals for 202 for direct labor and manufacturing overhead are $4,200,000 and $5,460,000, respectively. Actual results for the year follow. Job no. 2077 was completed in January 202; there was no work in process at year-end. All jobs produced during 202 were sold with the exception of job no. 2143, which contained direct-material costs of $155,000 and direct-labor charges of $85,000. The company charges any under-or overapplied overhead to Cost of Goods Sold. Required: Determine the company's predetermined overhead application rate. 2. Determine the additions to the Work-in-Process Inventory account for direct material used, direct labor, and manufacturing overhead. 3. Compute the amount that the company would disclose as finished-goods inventory on the December 31,202, baiance sheet. 4. Prepare the journal entry needed to record the year's completed production. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record transfer of job cost from work in process to finished goods inventory. Note: Enter debits before credits, 5-a. Compute the amount of under-or overapplied overhead at year-end. 5-b. Prepare the necessary journal entry to record its disposition. Complete this question by entering your answers in the tabs below. Compute the amount of under- or overapplied overhead at year-end. 6. Determine the company's 202 cost of goods sold