c.html?_con=con&external_browser=0&launchurl=https o Saved Help Sav ine company appies overnead cost to JODS on the basis of direct labor-hours. For the current year, the companys predetermined overhead rate of $12.50 per direct labor-hour was based on a cost formula that estimated $500,00C 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, $614,000. b. Raw materials used in production, $567,600. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $450,000; indirect labor, $150,000; selling and administrative salaries, $290,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing). $375,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities). $350,000 f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours all jobs during the year. g. Jobs costing $1,461,900 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 $3,172,500. The jobs cost $1,471,900 to manufacture according to their job cost sheets. Foundational 3-3 (Algo) 3. What is the journal entry to record the labor costs incurred during the year? (if no entry is required for a transaction/event, "No lournal entru renuired" in the first account fields RE 20 Next Help Save & Exit Check my Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: 5 Raw materials Work in process Finished goods $ 84,500 $ 35,000 $ 44,100 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 $500,000 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, $614,000. b. Raw materials used in production, $567,600. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $450,000; indirect labor, $150,000; selling and administrative salaries, $290,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing) $375,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $350,000. 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 $1,461,900 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 $3.172.500. The lobs cost $1,471,900 to 3 4 5 15 5 dtv SA it 4. What is the total amount of manufacturing overhead applied to production during the year? ces Manufacturing overhead applied bok Foundational 3-5 (Algo) int 5. What is the total manufacturing cost added to Work in Process during the year? ences Total manufacturing cost Foundational 3-6 (Algo) 6. What is the journal entry to record the transfer of completed jobs that is referred to in item g above? Of no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Foundational 3-7 (Algo) 7. What is the ending balance in Work in Process? Answer is not complete. Beg. bal. (g) (h) Work In Process 44,100 1,461,900 1,471,900 x End, bal 34,100 2. What is the ending balance in Raw Materials? X Answer is not complete. Raw Materials Beg. bal. 84,500 614,000 567,600 End. bal. 130,900 c.html?_con=con&external_browser=0&launchurl=https o Saved Help Sav ine company appies overnead cost to JODS on the basis of direct labor-hours. For the current year, the companys predetermined overhead rate of $12.50 per direct labor-hour was based on a cost formula that estimated $500,00C 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, $614,000. b. Raw materials used in production, $567,600. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $450,000; indirect labor, $150,000; selling and administrative salaries, $290,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing). $375,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities). $350,000 f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours all jobs during the year. g. Jobs costing $1,461,900 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 $3,172,500. The jobs cost $1,471,900 to manufacture according to their job cost sheets. Foundational 3-3 (Algo) 3. What is the journal entry to record the labor costs incurred during the year? (if no entry is required for a transaction/event, "No lournal entru renuired" in the first account fields RE 20 Next Help Save & Exit Check my Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: 5 Raw materials Work in process Finished goods $ 84,500 $ 35,000 $ 44,100 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 $500,000 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, $614,000. b. Raw materials used in production, $567,600. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $450,000; indirect labor, $150,000; selling and administrative salaries, $290,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing) $375,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $350,000. 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 $1,461,900 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 $3.172.500. The lobs cost $1,471,900 to 3 4 5 15 5 dtv SA it 4. What is the total amount of manufacturing overhead applied to production during the year? ces Manufacturing overhead applied bok Foundational 3-5 (Algo) int 5. What is the total manufacturing cost added to Work in Process during the year? ences Total manufacturing cost Foundational 3-6 (Algo) 6. What is the journal entry to record the transfer of completed jobs that is referred to in item g above? Of no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Foundational 3-7 (Algo) 7. What is the ending balance in Work in Process? Answer is not complete. Beg. bal. (g) (h) Work In Process 44,100 1,461,900 1,471,900 x End, bal 34,100 2. What is the ending balance in Raw Materials? X Answer is not complete. Raw Materials Beg. bal. 84,500 614,000 567,600 End. bal. 130,900