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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 Tinished

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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 Tinished goods $ 63,000 $ 22,200 $ 52,500 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 $11.50 per direct labor-hour was based on a cost formula that estimated $460,000 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, $618,000 b. Raw materials used in production, $569,400. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $410,000; Indirect labor, $150,000; selling and administrative salaries, $338,000. d. Incurred various selling and administrative expenses (eg, advertising, sales travel costs, and finished goods warehousing). $382.000. e. Incurred various manufacturing overhead costs (e.g. depreciation, insurance, and utilities). $310,000, f. Manufacturing overhead cost was applied to production. The company actually worked 41.000 direct labor-hours on all jobs during the year g. Jobs costing $1.372,600 to manufacture according to their job cost sheets were completed during the year. h. Jobs were sold on account to customers during the vear for a total of $3.202,500. The lobs cost $1.382.600 to n. Jobs were sold on account to customers during the year for a total of $3,202,500. The jobs cost $1,382,600 to manufacture according to their job cost sheets. Foundational 3-1 (Algo) Required: 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.) View transaction list Journal entry worksheet

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