18 ook ences [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 $ 72,500 $18,200 $ 46,500 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 $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 (eg, depreciation, insurance, and utilities), $470,000. 1. Manufacturing overhead cost was applied to production. The company actpally 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 1 manufacture according to their job cost sheets ces 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 < Record the raw materials used in production. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit 0 0 < Prev 13 14 15 20 of 28 Next > ok ences 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 Record the accrued labor costs Note: Enter debits before credits Transaction General Journal Debit Credit 4. What is the total amount of manufacturing overhead applied to production during the year? Manufacturing overhead applied 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 first account field.) View transaction list Journal entry worksheet 8. What is the total amount of actual manufacturing overhead cost incurred during the year? Total acluti manufacturing overhead cost Print References 9. Is manufacturing overhead underapplied or overapplied for the year? By how much? Book Print erences 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 transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the cost of goods sold to the customer. Note: Enter debits before credits Transaction General Journal Debit Credit 5. What is the total manufacturing cost added to Work in Process during the year? Total manufacturing cost