Bunnell Corporation is a manufacturer that uses Job-order costing. On January 1, the company's inventory balances were as follows: $ 63,500 $ 32.000 $ 36,000 Raw materials Work in proces Finished goods 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 $13.00 per direct labor-hour was based on a cost formula that estimated $520,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year a. Raw materials were purchased on account, $584,000. b. Raw materials used in production $537600. All of of the raw materials were used as direct materials, c. The following costs were accrued for employee services: direct lobor, $470,000; indirect lobor, $150,000; selling and administrative salaries, $249,000, d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing). $464,000, e. Incurred various manufacturing overhead costs (0.9. 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 9. Jobs costing $1,478,700 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 $3,367,500. The jobs cost $1,488,700 to manufacture according to their job cost sheets 2. What is the ending balance in Raw Materials? Raw Materials Credit Debit Beginning balance Ending balance