2 Part 2 of 15 Required information The Foundational 15 [LO3-1, LO3-2, LO3-3, LO3-4) (The following information applies to the questions displayed below.) Bunnell Corporation is a manufacturer that uses job order costing. On January the company's Inventory balances were as follows: points 05:35 Raw materiala Work in proces Tinished goods 550,500 $ 25,000 $ 35,00 Block 0 The company apples overhead cost to jobs on the basis of direct labor hours. For the current year, the company's predetermined overhead rate of $11.75 per direct labor hour was based on a cost formula that estimated $470,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor hours. The following transactions were recorded for the year: th a Raw materials were purchased on account, $592,000. b. Raw materials used in production, $557,000. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, S420,000; indirect labor, $150,000, selling and administrative salaries, $295.000 dincurred various selling and administrative expenses (e.g. advertising, sales travel costs, and finished goods warehousingl $361,000. cincurred various manufacturing overhead costs (c.g.depreciation, Insurance, and utilities, $320.000 t Manufacturing overhead cost was applied to production. The company actually worked 41000 direct labor hours on all jobs during the year. Jobs costing $1,399,450 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 $2.925,000. The jobs cost $1,409,450 to manufacture according to their job cost sheets. Foundational 3-2 2. What is the ending balance in Raw Materials? Raw Materials Beg Bal End. Bal