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help! Required information [The following information applles to the questions displayed below.] Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the
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Required information [The following information applles 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: 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 $13.25 per direct labor-hour was based on a cost formula that estimated $530,000 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, $708,000. b. Raw materials used in production, $666,400. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $480,000; indirect labor, $150,000; selling and administrative salaries, $335,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $397,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $380,000. f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year. 9. Jobs costing $1,606,150 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 $3,165,000. The jobs cost $1,616,150 to manufacture according to their job cost sheets. 6. What is the journal entry to record the transfer of completed jobs that is referred to in item g above? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the manufactured goods completed during this year. Note: Enter debits before credits Step by Step Solution
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