Bunnell Corporation is a manufacturer that uses job order costing On January 1, the companys inventory balances were as follows Raw materials $ 40,000 Work in process $ 18,000 Finished goods $ 35,000 The company applies overhead cost to jobs on the basis of direct labor hours For the current year, the companys predetermined overhead rate of $16 25 per direct labor hour was based on a cost formula that estimated $650,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor hours The following transactions were recorded for the year Raw materials were purchased on account, $510,000 Raw materials use in production, $480,000 All of of the raw materials were used as direct materials The following costs were accrued for employee services direct labor, $600,000 indirect labor, $150,000 selling and administrative salaries, $240,000 Incurred various selling and administrative expenses (e g , advertising, sales travel costs, and finished goods warehousing), $367,000 Incurred various manufacturing overhead costs (e g , depreciation, insurance, and utilities), $500,000 Manufacturing overhead cost was applied to production The company actually worked 41,000 direct labor hours on all jobs during the year Jobs costing $1,680,000 to manufacture according to their job cost sheets were completed during the year Jobs were sold on account to customers during the year for a total of $2,800,000 The jobs cost $1,690,000 to manufacture according to their job cost sheets Q1 What is the total amount of manufacturing overhead applied to production during the year Q2 Record the maufactured goods completed during the year Q3 What is the ending balance in work in progress Q4 Record the cost of goods sold to the customer Q5 What is the ending balance in finished goods Q6 Assuming that the company closes its underapplied or overapplied overhead to Cost of Goods Sold, what is the adjusted cost of goods sold for the year Q7 What is the gross margin for the year Q8 What is the net operating income for the year Q9 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 ) Q4 Is manufacturing overhead underapplied or overapplied for the year By how much Q5 What is the cost of goods available for sale during the year Q6

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Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the companys inventory balances were as follows: Raw materials $ 40,000 Work in

Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the companys inventory balances were as follows:


Raw materials	$	40,000
Work in process	$	18,000
Finished goods	$	35,000

The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the companys predetermined overhead rate of $16.25 per direct labor-hour was based on a cost formula that estimated $650,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year:

Raw materials were purchased on account, $510,000.
Raw materials use in production, $480,000. All of of the raw materials were used as direct materials.
The following costs were accrued for employee services: direct labor, $600,000; indirect labor, $150,000; selling and administrative salaries, $240,000.
Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $367,000.
Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $500,000.
Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year.
Jobs costing $1,680,000 to manufacture according to their job cost sheets were completed during the year.
Jobs were sold on account to customers during the year for a total of $2,800,000. The jobs cost $1,690,000 to manufacture according to their job cost sheets.

Q1. What is the total amount of manufacturing overhead applied to production during the year?

Q2. Record the maufactured goods completed during the year.

Q3. What is the ending balance in work in progress?

Q4. Record the cost of goods sold to the customer

Q5. What is the ending balance in finished goods?

Q6. Assuming that the company closes its underapplied or overapplied overhead to Cost of Goods Sold, what is the adjusted cost of goods sold for the year?

Q7. What is the gross margin for the year?

Q8.What is the net operating income for the year?

Q9. 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.)

Q4. Is manufacturing overhead underapplied or overapplied for the year? By how much?

Q5. What is the cost of goods available for sale during the year?

Q6.