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I cant seem to get the correct answer for this The Foundational 15 (Algo) [LO3-1, LO3-2, LO3-3, LO3-4) [The following information applies to the questions
I cant seem to get the correct answer for this
The Foundational 15 (Algo) [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 balances were as follows: Raw materials $ 62,500 Work in process $ 21,200 Pinished goods $36,300 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 $11.00 per direct labor-hour was based on a cost formula that estimated $440,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year: 3. Raw materials were purchased on account. $694,000 b. Raw materials used in production, $644,800. All of of the raw materials were used as direct materials c. The following costs were accrued for employee services: direct labor, $390,000; Indirect labor, $150,000; selling and administrative salaries, $246.000, d. Incurred various selling and administrative expenses (eg, advertising, sales travel costs, and finished goods Warehousing). $430,000, e incurred various manufacturing overhead costs (0.9. depreciation, Insurance, and utilities), $290,000 1 Manufacturing overhead cost was applied to production. The company actually worked 41000 direct labor hours on all jobs during the year 9 Jobs costing $1403,100 to manufacture according to their job cost sheets were completed during the year n Jobs were sold on account to customers during the year for a total of $2,827,500 The Jobs cost $1,413,100 to Proy 1 2 3 15 of 20 !!! Next > Saved Help Sa Estimated $440,000 of total manufacturing overead for an estimated activity level of 40,000 direct labor-n The following transactions were recorded for the year. a Raw materials were purchased on account, $694,000. b. Raw materials used in production, $644,800. All of of the raw materials were used as direct materials c. The following costs were accrued for employee services: direct labor, $390,000; indirect labor, $150,000 selling and administrative salaries, $246,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goc warehousing), $430,000 e. Incurred various manufacturing overhead costs (e.g.. depreciation, insurance, and utilities), $290,000 f Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labo hours on all jobs during the year. g. Jobs costing $1,403,100 to manufacture according to their job cost sheets were completed during the yea h. Jobs were sold on account to customers during the year for a total of $2,827.500. The jobs cost $1,413,100 manufacture according to their job cost sheets. undational 3-1 (Algo) quired: Vhat is the journal entry to record raw materials used in production? (If no entry is required for a transaction/eve arnal entry required" in the first account field.) View transaction that View Journal entry worksheet Prey 1 2 3 15 of 20 !!! Next > A c G Search or type URL $ 4 % 5 3 & 7 6 00 + ( 9 > O Foundational 3-2 (Algo) Skipped 2. What is the ending balance in Raw Materials? oBook Raw Materials Print Beg, bal End, bal Foundational 3-7 (Algo) eBook Print 7. What is the ending balance in Work in Process? eferences Work in Process Beg, bal + End, bal Step by Step Solution
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