15 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 $ 59,500 $ 37,600 $ 61,500 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 $14.25 per direct labor-hour was based on a cost formula that estimated $570,000 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. $634,000 b. Raw materials used in production, $598,400. All of of the raw materials were used as direct materials c. The following costs were accrued for employee services: direct labor, $520,000, indirect labor, $150,000; selling and administrative salaries, $337,000 d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $461,000. e Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $420,000. 1. 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 $1,645,750 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 $3,360,000. The jobs cost $1,655,750 to manufacture according to their job cost sheets. 6. What is the journal entry to record the transfer of completed jobs that is referred to in item g above? (If no entry is required for a transaction/event select "No Journal entry required" In the firet account hold 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 $ 59,500 work in process $ 37,600 Finished goods $ 61,800 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 $14.25 per direct labor-hour was based on a cost formula that estimated $570,000 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, $634,000. b. Raw materials used in production, $598,400. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $520,000; Indirect labor, $150,000; selling and administrative salaries, $337,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing). $461,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, Insurance, and utilities), $420,000. 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 $1,645,750 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 $3,360,000. The jobs cost $1.655,750 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 h above? (If no entry is required for a transection/event, select "No Journal entry required" In the first account fleld.) 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 $ 59,500 Work in process $ 37,600 Finished goods $ 61,800 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 $14.25 per direct labor-hour was based on a cost formula that estimated $570,000 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, $634,000. b. Raw materials used in production, $598,400. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $520,000; Indirect labor, $150,000; selling and administrative salaries, $337,000. d. Incurred various selling and administrative expenses (e.g.. advertising, sales travel costs, and finished goods warehousing), $461,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, Insurance, and utilities), $420,000. 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 $1,645,750 to manufacture according to their job cost sheets were completed during the year. n. Jobs were sold on account to customers during the year for a total of $3,360,000. The jobs cost $1,655,750 to manufacture according to their job cost sheets. 12. What is the ending balance in Finished Goods? Finished Goods Debit Credit Beginning balance 61,800 (g) (h) Ending balance 61,800 [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 $ 59,500 Work in process $ 37,600 Finished goods $ 61,800 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 $14.25 per direct labor-hour was based on a cost formula that estimated $570,000 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, $634,000. b. Raw materials used in production, $598,400. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor. $520,000; Indirect labor, $150,000; selling and administrative salaries, $337,000 d. Incurred various selling and administrative expenses (e.g. advertising, sales travel costs, and finished goods warehousing), $461,000. e. Incurred various manufacturing overhead costs (eg, depreciation, Insurance, and utilities), $420,000. 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 $1,645,750 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 $3,360,000. The jobs cost $1,655,750 to manufacture according to their job cost sheets. 14. What is the gross margin for the year? Gross margin