Required information [T he foiiowing information appiies to the questions displayed beiowj Finlon Upholstery, |nc., uses a joborder costing system to accumulate manufacturing costs. The company's workin process on December 31, 20x1, consisted of onejob (no. 2077), which was carried on the yearend balance sheet at $156,800. There was no nishedgoods inventory on this date. Finlon applies manufacturing overhead to production on the basis of directlabor cost. (The budgeted directlabor cost is the company's practical capacity, in terms of directlabor hours, multiplied by the budgeted directlabor rate.) Budgeted totals for 20x2 for direct labor and manufacturing overhead are $4,200,000 and $5,544,000, respectively. Actual results for the year follow. Direct material used $ 5,553,333 Direct labor 4,353,333 Indirect material used 65,333 Indirect labor 2,863,333 Factory depreciation 1,743,333 Factory insurance 58,333 Factory utilities 833,333 Selling and administrative expenses 2,163,333 Total $17,513,339 Job no. 2077 was completed in January 20x2; there was no work in process at yearend. Alljobs produced during 20x2 were sold with the exception ofjob no. 2143, which contained directmaterial costs of $155,000 and directlabor charges of $85,000. The company charges any under or overapplied overhead to Cost of Goods Sold. 4. Prepare thejournal entry needed to record the year's completed production. (If no entry is required for a transaction/event, select "Nojournal entry required" in the first account eld.) View transaction list Journal entry worksheet ( 1 > Record transfer of job cost from work in process to finished goods inventory. Note: Enter debits before credits