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I need help with all of them please. From 1-15. Thank you. The Foundational 15 (LO3-1, LO3-2, LO3-3, LO3-4) The following information applies to the
I need help with all of them please. From 1-15. Thank you.
The Foundational 15 (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 $40,000 Work in process $18,000 Finished goods $35,000 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 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 administrative salaries, $240,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $367,000. Foundational 3-1 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.) View transaction list Journal entry worksheet Required information Record the accrued labor costs. Note: Enter debits before credits. - Transaction General Journal Debit Credit Record entry Clear entry View general journal Foundational 3-4 4. What is the total amount of manufacturing overhead applied to production during the year? Manufacturing overhead applied Foundational 3-5 5. What is the total manufacturing cost added to Work in Process during the year? Total manufacturing cost BILIONI Journal entry worksheet Record the manufactured goods completed during this year. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Foundational 3-7 7. What is the ending balance in Work in Process? Work in Process Beg. Bal. End. Bal. Foundational 3-8 8. What is the total amount of actual manufacturing overhead cost incurred during the year? Total actual manufacturing overhead cost huquncu Mulation Journal entry worksheet Record the cost of goods sold to the customer. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Foundational 3-12 12. What is the ending balance in Finished Goods? Finished Goods Beg. Bal. - End. Bal. Foundational 3-13 13. Assuming that the company closes its underapplied or overapplied overhead to Cost of Goods Sold, what is the adjusted cost of goods sold for the year? Adjusted cost of goods sold Foundational 3-14 14. What is the gross margin for the year? Gross margin Foundational 3-15 15. What is the net operating income for the year? Net operating income
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