Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inventory balances were as follows:
Raw materials: $60,500
Work in process: $20,800
Finished goods: $57,600
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 $11.25 per direct labor-hour was based on a cost formula that estimated $450,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year:
1. Raw materials were purchased on account: $622,000.
2. Raw materials used in production: $591,800. All of the raw materials were used as direct materials.
3. The following costs were accrued for employee services: direct labor: $400,000; indirect labor: $150,000; selling and administrative salaries: $280,000.
4. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing): $400,000.
5. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities): $300,000.
6. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year.
7. Jobs costing $1,360,750 to manufacture according to their job cost sheets were completed during the year.
8. Jobs were sold on account to customers during the year for a total of $3,330,000. The jobs cost $1,370,750 to manufacture according to their job cost sheets.
11. What is the journal entry to record the cost of goods sold referred to in item 8 above? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)