3 Part 3 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 1 the company's Inventory balances were as follows: 0.5 points ce 232 Raw materials Work in proces Tinished goods $ 90,500 $ 25,000 5 28,00 Block 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: Hences 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 9 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 3-3 3. What is the joumal entry to record the labor costs incurred during the year? (if no entry is required for a transaction/event, select "No joumal entry required in the first account field.) View transaction lit Journal entry worksheet 1 > Record the accrued labor costs. Note: Enter debts before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal