as follows: Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were 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.) Raw materials Record the manufactured goods completed during this your. Finished goods The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's wowricimined overhead rate of $13.00 per direct labor-hour was based on a cost formula that estimated $520.00 Note: Enter debits before credits total manufacturing overhead for an estimated activity level of 40.000 direct labor-hours. The following transactions were recorded for the year Transaction General Journal Debit Credit d. Raw materials were purchased on account, $584,000. b. Raw materials use in production, $537,600. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $470,000; indirect labor, doministrative salaries. $249,000. 000; indirect labor, $150,000; selling and warehousing againand administrative expenses (e.g.. advertising, sales travel costs, and finished goods e. Incurred various manufacturing overhead costs (e.g., depreciation, in depreciation, insurance, and utilities). $370,000. f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year. . Jobs costing $1,478.700 to manufacture according to their job cost sheets were completed during the year. 7. What is the ending balance in Work in Process? . Jobs were sold on account to customers during the year for a total of $3.367.500. The jobs cost $1,488.700 to manufacture acc Work in Process 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.) Beg. Bal. Journal entry worksheet Record the raw materials used In production. End. Bal. Note: triter debuts before credits. 8. What is the total amount of actual manufacturing overhead cost incurred during the year? Transaction General Journal Dahit Credit Total actual manufacturing overhead cost . Is manufacturing overhead underapplied or overapplied for the year? By how much? 10. What is the cost of goods available for sale during the year? 2. What is the ending balance in Raw Materials? Cost of goods available for sale Raw Materials 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 Beg. Bal. ransaction/event, select "No journal entry required" in the first account field.) Record the cost of goods cold to the customer. End. Bal. of Ictc: Enter debits before crecits. Transaction General Journal Devil Credit Record the accrued labor costs. Note: Enter debits before credite. Transaction Gonoral Journal Dobit Crodt 12. What is the ending balance in Finished Goods? I inished Goods Bog. Bol. End. Bel. 4. What is the total amount of manufacturing overhead applied to production during the year? 13. Assuming that the company closes its underapplied or overapplied overhead to Cost of Goods Sold, what is the adjusted cost of Manufacturing overhead applied 5. What is the total manufacturing cost added to Work in Process during the year? 14. What is the gross margin for the year? Total manufacturing cost Gross margin 15. What is the net operating income for the year? Net operating income
