! 1 Required information The Foundational 15 (Algo) (LO3-1, LO3-2, LO3-3, LO3-4) [The following information applies to the questions displayed below.] Part 1 of 15 Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: 0.33 points Raw materials Work in process Finished goods $ 72,500 $ 18, 200 $ 46,500 eBook 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 $15.50 per direct labor-hour was based on a cost formula that estimated $620,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year: a. Raw materials were purchased on account, $628,000. b. Raw materials used in production, $598,000. All of of the raw materials were used as direct materials. C. The following costs were accrued for employee services: direct labor, $570,000; indirect labor, $150,000; selling and administrative salaries, $266,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $418,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $470,000. f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year. g. Jobs costing $1,717,900 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 $3,225,000. The jobs cost $1,727,900 to manufacture according to their job cost sheets. Foundational 3-1 (Algo) Required: 1. What is the journal entry to record raw materials used in production? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the raw materials used in production. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal Foundational 3-2 (Algo) 2. What is the ending balance in Raw Materials? Raw Materials Beg. bal. End. bal. Foundational 3-3 (Algo) 3. What is the journal entry to record the labor costs incurred during the year? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet