Chapter 3 Homework Check my work Required information (The 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: V aterale Work in process 40.000 1.000 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 a Raw materials were purchased on account, $510.000 b. Raw materials use in production, $480.000. All of of the raw materials were used as direct materials The following costs were accrued for employee services direct labor $600.000 indirect labor $150,000selling and administrative salaries $240.000 d. Incurred various selling and administrative expenses eg. advertising, sales travel costs, and finished goods warehousing $367000 incurred various manufacturing overhead costs e depreciation Insurance, and utilities $500.000 E Manufacturing overhead cost was applied to production. The company actually worked 41000 direct labor hours on all obs during the year 9. Jobs costing $1680.000 to manufacture according to their job cost sheets were completed during the h Jobs were sold on account to customers during the year for a total of $2800000. The jobs cost $1690.000 to manufacture according to their ob cost sheets. 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.) Prev 1 2 3 15 of 18 Next >