8. What is the total actual manufacturing overhead cost incurred for this year? 14. What is the gross margin for this year? 7. What is the ending balance in Work in Process? 5. What is the total manufacturing cost added to Work in Process for this year? 2 What is the ending balsnce in Raw Matecials? 4. What is the total manufacturing overhead applied to production for this year? Pequilred: 1. What is the journal entry to record raw matertak used in production? Note If no entry is required for a transactson/event, sclect "No fournal entiry required" in the first dccount field. Joumal entry worksheet Pecord the rawe materials used in production. Notei finter debits beture oscies. 15. What is the net operating income for this year? 9. Is manufacturing overhead underapplied or overapplied for this year? By how much? 10. What is the cost of goods avallable for sale for this year? 3. What is the journal entry to record the labor costs for this year? Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 12. What is the ending balance In Finished Goods? 13. Assuming the company closes its underapplied or overapplied overhead to Cost of Goods Sold, what is the adjusted cost of goods sold for this year? 11. What is the journal entry to record the cost of goods sold referred to in item h above? Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the cost of goods sold to the customer. Nete: Ester debits betore credits. 6. What is the journal entry to record the transfer of completed Jobs referred to In Item g above? Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the manufactured goods completed during this year: Note: finter debits befpce crectes. Requitred information [The following information applies to the questions displayed below] Bunnell Corporation ts a manufacturer that uses job-order coctung. On January 1, the companys mventory balances were as follows: The company applies overhead cost to jobs using direct labor-hours. For this year, the company's predotermined overhead rate of $11.25 per direct labor hour was based on a cost formula that estumated $450.000 of total manulacturing overhead for an ectimated activity level of 40,000 direct labor thours. The following transactions were recorded this year. a. Raw matertak were purchased on account $622000. b. Raw matertals used in production, $591,800. All of of the raw matentals were used as direct materials. c. The following costs were accrued for emplayee services: direct labor, $400,000; Indirect labor, $150,000, selling and administrattve salarios, $280,000. d. Incurred various selling and administrattve expenses leg. advertising, sales travel costs, and finlshed goods warehousing). $400,000. e. Incurred various manufacturing overhead costs (e. depreciaton, insurance, and utilues), $300,000. f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on ail jobs during the yeat, 9. Jobs costing $1,360,750 to manufacture according to theif job cost sheets were completed during the year. h. Jobs were sold on account to customers during the year for a total of $3,330,000. The jobs cost $1,370,750 to manufacture according to their job cost sheets. Required: 1. What is the journal entry to record raw materiats used in production? Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field
