10 Required information 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: Raw materials Work in process Finished goods $ 66,000 5 33.600 $ 38,400 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 $13.50 per direct labor-hour was based on a cost formula that estimated $540,000 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. $684.000. b. Raw materials used in production, $646,400. All of of the raw materials were used as direct materials c. The following costs were accrued for employee services direct labor, $490,000 indirect labor, $150 administrative salaries. $319,0 d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing). $423,000. e. Incurred various manufacturing overhead costs (eg.. depreciation, insurance, and utilities). $390,000 1. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all 9. Jobs costing $1,623,300 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 $3,547.500. The jobs cost $1,633,300 to manufacture according to their job cost sheets. 14. What is the gross margin for the year? Answer is complete but not entirely correct. Ormar $ 1,914.200