1 Check my work Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Part 1 of 15 Raw materials Work in process Finished goods . $ 40,000 $ 18,000 $ 35,000 6.66 points 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 $16.25 per direct labor-hour was based on a cost formula that estimated $650,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year: eBook meterences References a. Raw materials were purchased on account, $510,000 b. Raw materials used in production, $480,000. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor $600,000; indirect labor, $150,000; selling and administrative salaries, $240,000. d. Incurred various selling and administrative expenses (e.g, advertising, sales travel costs, and finished goods warehousing). $367,000. e. Incurred various manufacturing overhead costs (eg, depreciation, insurance, and utilities) $500,000 f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor- hours on all jobs during the year. Check my v a. Raw materials were purchased on account, $510,000. b. Raw materials used in production, $480,000. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $600,000; indirect labor, $150,000; selling and administrative salaries, $240,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing). $367,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities). $500,000 f. Manufacturing overhead cost was applied to production. The company actually worked 41000 direct labor- hours on all jobs during the year. g. Jobs costing $1,680,000 to manufacture according to their job cost sheets were completed during the year. h. Jobs were sold on account to customers during the year for a total of $2,800,000. The jobs cost $1,690,000 to manufacture according to their job cost sheets. Foundational 3-1 Required: What is the journal entry to record raw materials used in production? (If no entry is required for a transaction/event, select " urnal entry required" in the first account field.) 1 2 15 Drev 3 of 15 Next > 2 Required information Journal entry worksheet