1 What is the journal entry to record raw materials used in production? 2 what is the...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/06/665e168e2026f_189665e168dae689.jpg)
1 What is the journal entry to record raw materials used in production?
Transcribed image text: [The following information applies to the questions displayed below.] Bunnell Corporation is a manufacturer that uses job-order costing. On January 1 , the company's inventory balances were as follows: 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 $15.25 per direct labor-hour was based on a cost formula that estimated $610,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transoctions were recorded for the year: a. Raw moterials were purchased on occount, $562.000, b. Raw materials used in production, $513,200. All of of the raw materiais were used as direct materials c. The following costs were accrued for employee services; direct labor, $560,000; indirect labor, 5150,000 ; seling and administrative salaries, $249,000. d. Incurred various seling and administrotive expenses fe g, advertising, soles travel costs, and finished goods warehousing), $401,000. e. Incurred various manufacturing overhead costs (e.9. depreciation, insurance, and utilities), 5460,000 . 1. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all. jobs during the year. 9. Jobs costing $1,614,850 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 $3,397,500. The jobs cost $1,624,850 to manufacture according to their job cost sheets 2 what is the ending balance?
3 Record accrued labor costs
4 Whats the total amount of MOH applied to production during the year
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/06/665e168e853ae_190665e168e7c39a.jpg)
Posted Date: