complete the journal entries for number 4. I have no idea how many additional en

Question

complete the journal entries for number 4. I have no idea how many additional entries must be added

Required information The following information applies to the questions displayed below. 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 $5,460,000, 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 $ 5,600,000 4, 350,000 65,000 2,860,000 1,740,000 59,000 830,000 2,160,000 $17,664,000 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 4. Prepare the journal entry needed to record the year's completed production. Answer is not complete No Transaction Debit 15,761.800 15,761,800 General Journal Credit Finished-goods inventory Work-in-process inventory

Explanation / Answer

Beg. Balance 156800 Direct materials 5600000 Direct labor 4350000 Overhead 5655000 =5460000/4200000*4350000 Total cost of goods completed 15761800 4 Debit Credit Finished goods inventory 15761800       Work in Process inventory 15761800

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