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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 $40,000 Work in process

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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 $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 company's 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: 10. What is the cost of goods available for sale during the year? 11. What is the journal entry to record the cost of goods sold referred to in item h above? 12. What is the ending balance in Finished Goods? 13. Assuming that the company closes its underapplied or overapplied overhead to Cost of Goods Sold, what is the adjusted cost 6 goods sold for the year? 14. What is the gross margin for the year? 15. What is the net operating income for the year? Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's 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 company's 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: 10. What is the cost of goods available for sale during the year? 11. What is the journal entry to record the cost of goods sold referred to in item h above? 12. What is the ending balance in Finished Goods? 13. Assuming that the company closes its underapplied or overapplied overhead to Cost of Goods Sold, what is the adjusted cost 6 goods sold for the year? 14. What is the gross margin for the year? 15. What is the net operating income for the year

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