Chapter 3 Homework 9 [ine Following information applies to the questions displayed below. Bunnell Corporation is a manufacturer that uses Job-order costing. On January 1, the company's inventory balances were as follows: Part 9 of 15 Raw materials Work in process Finished goods $ 63,000 $ 22,200 $ 52,500 eBook 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 $12.50 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 Print References 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 foremployee 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 (eg. 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 year for a total of $3,202,500. The jobs cost $1,382.600 to manufacture according to their job cost sheets. Foundational 3-9 (Algo) 9. Is manufacturing overhead underapplied or overapplied for the year? By how much? Overapplied overhead