Ch 283 Foundational 15 You sipped the 17 Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Part 2 of 15 Rawterials Work in process Finished goods $ 63,00 $ 22,20 $ 52,50 0.33 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 The following costs were accrued for employee services: direct labor. $410,000: Indirect Inbor. $150,000, selling and administrative salaries, $339,000 d. Incurred various selling and administrative expenses (eg, advertising, sales travel costs, and finished goods Warehousing. $382.000 e incurred various manufacturing overhead costs (eg. depreciation, Insurance, and utilities). $310,000 Manufacturing overhead coat was applied to production. The company actua ly worked 41000 direct labor-hours on all jobs during the year 9 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 year for a total of $3.202.500. The jobs cost $1.392.600 to manufacture according to their job cost sheets Foundational 3-2 2. What is the ending balance in Raw Materials! Bdg B Raw Materials 63.00 2.000 Ed. Bol 1.305.00