Hequired information The Foundational 15 (Static) [LO3-1, LO3-2, LO3-3, LO3-4) (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 batances were as follows: materials Work in process Finished goods $40,000 $10,000 $ 35,000 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the companys 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, 5510,000 Raw materials used in production $480000 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 $150,000, selling and administrative salaries $240,000 dincurred various selling and administrative expensesleg advertising sales travel costs and finished goods Warehousing) $367000 e incurred various manufacturing overhead costs feg, depreciation Insurance and is $500.000 Manufacturing overhead cost was applied to production. The company actually worked 41000 direct labor hours on all O ii a * 3 AU Ched 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, 5510,000 b. Raw matenals used in production, $480,000 All of of the raw materials were used as direct materials c. The following costs were accrued for employee services direct labor, $600,000 indirect labor $150,000; selling and a incurred various selling and administrative expenses te... advertising, sales travel costs, and finished goods warehousing). $367.000 e incurred various manufacturing overhead costs (eg. depreciation Insurance, and utilities) $500.000 Manufacturing overhead cost was applied to production. The company actually worked 41000 direct labor hours on all jobs during the year 9 Jobs costing $1680,000 to manufacture according to the job cost sheets were completed during the year h Jobs were sold on account to customers during the year for a total of $2800,000. The cost $1,690,000 10 manufacture according to their job.cost sheets Foundational 3-2 (Static) 2. What is the ending balance in Raw Materials O i AMO a * 3 1 Foundational 3-2 (Static) 2. What is the ending balance in Raw Materials? Raw Materials Beg bal End bal