ULIMWI Finlon Upholstery, Inc., uses a Job-order costing system to accumulate manufacturing costs. The company's work-in- process on December 31, 20x1, 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 Finlon 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 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 Direct labor Indirect material used Indirect labor Factory depreciation Factory Insurance Factory utilities Selling and administrative expenses Total $ 5,500,000 4,350,000 65,000 2,860,000 1,740,000 59,000 830,000 2,160,000 $17,564,000 Job no. 2077 was completed in January 20x2, there was no work in process at year-end. All jobs produced during 20x2 were sold with the exception of job no. 2143, which contained direct-material costs of $156,000 and direct labor charges of $85,000. The company charges any under or overapplied overhead to Cost of Goods Sold 2. Determine the additions to the Work-in-Process Inventory account for direct material used, direct labor, and manufacturing overhead Answer is complete but not entirely correct. Additions to the work-in-process inventory S 15,661,800 21 Part 3 of Return to question Required Information The following information applies to the questions displayed below) Finion Upholstery, Inc., uses a job-order costing system to accumulate manufacturing conts. The company's work-in- process on December 31, 20x1, 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 20x2 for direct fabor and manufacturing overhead are $4,200,000 and $5.544,000, respectively. Actual results for the year follow. 43 Gints Direct material used Direct labor Indirect material used Indirect labor Factory depreciation Factory insurance Factory utilities Selling and administrative expenses Total $5,500,000 4,350,000 65,000 2,860,000 1,740,000 59,00 830,000 2,160,00 $17,564,000 Job no. 2077 was completed in January 20x2, there was no work in process at year-end. All jobs produced during 20x2 were sold with the exception of job no 2143, which contained direct-material costs of $156.000 and direct labor charges of $85,000. The company charges any under or overapplied overhead to Cost of Goods Sold 3. Compute the amount that the company would disclose as finished goods inventory on the December 31, 20x2, balance sheet. Answer is complete but not entirely correct. Finished goods inventory $ 15,661,800 6. Determine the company's 20x2 cost of goods sold. Finished-goods inventory, Jan. 1 Cost of goods available for sale Unadjusted cost of goods sold Cost of goods sold