Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: - Raw materials Work in process Finished goods $ 48, eee $ 19,480 $ 56,100 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 $14.75 per direct labor-hour was based on a cost formula that estimated $590,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year k 1 a Raw materials were purchased on account, $590,000 b. Raw materials used in production, $546,400. All of of the raw materials were used as direct materials c. The following costs were accrued for employee services: direct labor, $540,000; indirect labor, $150,000, selling and administrative salaries, $250,000 d. incurred various selling and administrative expenses (eg, advertising, sales travel costs, and finished goods warehousing) $394,000 e incurred various manufacturing overhead costs (eg, depreciation, insurance, and utilities), $440,000 f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year 9. Jobs costing $1,610,950 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 $3,082,500. The jobs cost $1,620,950 to manufacture according to their job cost sheets 2. What is the ending balance in Raw Materials? Raw Materials Beg. Bal. (b) End. Bal. 0 0 Journal entry worksheet