7 Part 7 of 15 Required information The Foundational 15 (L03-1, LC3-2, L03-3, L03-4) (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 00:512) Baw materials Work in process Finished goods $ 50,500 $ 25,000 $ 38, 100 Book 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 $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: Files Print References 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, $420,000 indirect labor, $150,000, selling and administrative salaries, $295.000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousingl. $381,000. e. incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities). $320,000. 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 $1.399,450 to manufacture according to their job cost sheets were completed during the year. 1. 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 3-7 7. What is the ending balance in Work in Process? Work in Process Beg Bal End. Bal