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Required information [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 $ 74,000 Work in process $ 31,800 Finished goods $ 52,200 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 $14.50 per direct labor-hour was based on a cost formula that estimated $580,000 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. $690,000. b. Raw materials used in production, $641,800. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $530,000; Indirect labor, $150,000; selling and administrative salaries, $308,000 d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing) $457,000 e. Incurred various manufacturing overhead costs (e.g. depreciation, insurance, and utilities) $430,000. t 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 $1703,300 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 $3,510,000. The jobs cost $1713,300 to manufacture according to their job cost sheets. 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.) 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 1 Record the raw materials used in production. Note: Enter debits before credits Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal Kaw materials > 14,000 Work in process $ 31,800 Finished goods $ 52,200 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 $14.50 per direct labor-hour was based on a cost formula that estimated $580,000 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, $690,000 b. Raw materials used in production, $641,800. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $530,000; indirect labor, $150,000; selling and administrative salaries. $308,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing). $457,000. e. Incurred various manufacturing overhead costs (e.g. depreciation, insurance, and utilities). $430,000. 1. 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 $1703,300 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 $3,510,000, The jobs cost $1713,300 to manufacture according to their job cost sheets 2. What is the ending balance in Raw Materials? Raw Materials Debit Beginning balance Credit Ending balance 3. What is the journal entry to record the labor costs incurred during the year? (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 1 Record the accrued labor costs. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances wer as follows: Raw materials $ 74,000 Work in process $ 31,800 Finished goods $ 52,200 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 $14.50 per direct labor-hour was based on a cost formula that estimated $580,000 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, $690,000, b. Raw materials used in production, $641,800. All of of the raw materials were used as direct materials, C. The following costs were accrued for employee services: direct labor, $530,000; indirect labor, $150,000; selling and administrative salaries, $308,000. d. Incurred various selling and administrative expenses (eg, advertising, sales travel costs, and finished goods warehousing). $457,000. e. Incurred various manufacturing overhead costs (e.g, depreciation, insurance, and utilities), $430,000 1. 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 $1703,300 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 $3,510,000. The jobs cost $1,713,300 to manufacture according to their job cost sheets. 4. What is the total amount of manufacturing overhead applied to production during the year? Manufacturing overhead applied JUHULUI PUIULUI SURVIULUICI VIOLI JUU VIU yourly. HI JOnly UIC Ulty > Hvernury w we as follows: Raw materials $ 74,000 Work in process $ 31,800 Finished goods $ 52,200 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 $14.50 per direct labor-hour was based on a cost formula that estimated $580,000 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, $690,000 b. Raw materials used in production, $641,800. All of of the raw materials were used as direct materials c. The following costs were accrued for employee services: direct labor, $530,000; indirect labor, $150,000; selling and administrative salaries, $308,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing). $457,000. e Incurred various manufacturing overhead costs (e.g.. depreciation, insurance, and utilities). $430,000. 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 $1703,300 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 $3,510,000. The jobs cost $1713,300 to manufacture according to their job cost sheets. 5. What is the total manufacturing cost added to Work in Process during the year? Total manufacturing cost 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.) View transaction list Journal entry worksheet 1 Record the manufactured goods completed during this year. Note: Enter debits before credits Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal 19 , , predetermined overhead rate of $14.50 per direct labor-hour was based on a cost formula that estimated $580,000 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, $690,000 b. Raw materials used in production, $641,800. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $530,000, indirect labor, $150,000; selling and administrative salaries, $308,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $457,000. e. Incurred various manufacturing overhead costs (eg.. depreciation, insurance, and utilities). $430,000. 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 $1,703,300 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 $3,510,000. The jobs cost $1713,300 to manufacture according to their job cost sheets. 7. What is the ending balance in Work in Process? Work in Process Debit Beginning balance Credit Ending balance [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 $ 74,000 Work in process $ 31,800 Finished goods $ 52,200 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 $14.50 per direct labor-hour was based on a cost formula that estimated $580,000 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, $690,000 b. Raw materials used in production, $641,800. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $530,000; indirect labor, $150,000; selling and administrative salaries, $308,000, d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing). $457,000. e. Incurred various manufacturing overhead costs (e.g. depreciation, insurance, and utilities). $430,000. t. 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 $1703,300 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 $3,510,000. The jobs cost $1713, 300 to manufacture according to their job cost sheets. 8. What is the total amount of actual manufacturing overhead cost incurred during the year? Total actual manufacturing overhead cost Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory as follows: Raw materials $ 74,000 Work in process $ 31,800 Finished goods $ 52,200 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the com predetermined overhead rate of $14.50 per direct labor-hour was based on a cost formula that estimated $ total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following tran recorded for the year: a. Raw materials were purchased on account, $690,000. b. Raw materials used in production, $641,800. All of of the raw materials were used as direct materials, C. The following costs were accrued for employee services: direct labor, $530,000; indirect labor, $150,000; administrative salaries, $308,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goo warehousing) $457,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $430,000. f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor jobs during the year. g. Jobs costing $1,703,300 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 $3,510,000. The jobs cost $1,713,300 manufacture according to their job cost sheets. 9. Is manufacturing overhead underapplied or overapplied for the year? By how much? DUTCH QUI PUIGUU 19 HUIULUICI UUL USC juur as follows: youry, un vuruly, 16 cm Raw materials $ 74,000 Work in process $ 31,800 Finished goods $ 52,200 The company applies overhead cost to jobs on the basis of direct labor-hours. For the currer predetermined overhead rate of $14.50 per direct labor-hour was based on a cost formula th total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The recorded for the year: a. Raw materials were purchased on account, $690,000. b. Raw materials used in production, $641,800. All of of the raw materials were used as direct c. The following costs were accrued for employee services: direct labor, $530,000; indirect la administrative salaries, $308,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, ar warehousing). $457,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), f. Manufacturing overhead cost was applied to production. The company actually worked 41, jobs during the year. g. Jobs costing $1,703,300 to manufacture according to their job cost sheets were completed h. Jobs were sold on account to customers during the year for a total of $3,510,000. The jobs manufacture according to their job cost sheets. 10. What is the cost of goods available for sale during the year? Cost of goods available for sale 11. What is the journal entry to record the cost of goods sold referred to in item h above? (If no entry is r- transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the cost of goods sold to the customer. Note: Enter debits before credits. Transaction General Journal Dobit Credit Record entry Clear entry View general journal total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. Th recorded for the year: a. Raw materials were purchased on account, $690,000. b. Raw materials used in production, $641,800. All of of the raw materials were used as direc C. The following costs were accrued for employee services: direct labor, $530,000; indirect la administrative salaries, $308,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, a warehousing) $457,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), f. Manufacturing overhead cost was applied to production. The company actually worked 41, jobs during the year. 9. Jobs costing $1703,300 to manufacture according to their job cost sheets were completed h. Jobs were sold on account to customers during the year for a total of $3,510,000. The jobs manufacture according to their job cost sheets. 12. What is the ending balance in Finished Goods? Finished Goods Debit Beginning balance Credit Ending balance USIVU Raw materials $ 74,000 Work in process $ 31,800 Finished goods $ 52,200 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 $14.50 per direct labor-hour was based on a cost formula that estimated $580,000 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, $690,000 b. Raw materials used in production, $641,800. All of of the raw materials were used as direct materials, c. The following costs were accrued for employee services: direct labor, $530,000; indirect labor, $150,000; selling and administrative salaries, $308,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing). $457,000. e. Incurred various manufacturing overhead costs (e.g. depreciation, insurance, and utilities), $430,000. 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 $1703,300 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 $3,510,000. The jobs cost $1,713,300 to manufacture according to their job cost sheets. 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 WHICHI LIPUTUUUH U RUTULLUICI O USC JUULUCI uary. Juriuury as follows: Raw materials $ 74,000 Work in process $ 31,800 Finished goods $ 52,200 The company applies overhead cost to jobs on the basis of direct labor-hours. Fo predetermined overhead rate of $14.50 per direct labor-hour was based on a cos total manufacturing overhead for an estimated activity level of 40,000 direct labor recorded for the year: a. Raw materials were purchased on account, $690,000. b. Raw materials used in production, $641,800. All of of the raw materials were use c. The following costs were accrued for employee services: direct labor, $530,000 administrative salaries, $308,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales trav warehousing), $457,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and f. Manufacturing overhead cost was applied to production. The company actually w jobs during the year. g. Jobs costing $1,703,300 to manufacture according to their job cost sheets were o h. Jobs were sold on account to customers during the year for a total of $3,510,000. manufacture according to their job cost sheets. 14. What is the gross margin for the year? Gross margin Raw materials $ 74,000 Work in process $ 31,800 Finished goods $ 52,200 The company applies overhead cost to jobs on the basis of direct labor-hours. For the c predetermined overhead rate of $14.50 per direct labor-hour was based on a cost formu total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours recorded for the year: a. Raw materials were purchased on account, $690,000. b. Raw materials used in production, $641,800. All of of the raw materials were used as a c. The following costs were accrued for employee services: direct labor, $530,000; indire administrative salaries, $308,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel cos warehousing), $457,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilit f. Manufacturing overhead cost was applied to production. The company actually worked jobs during the year. g. Jobs costing $1,703,300 to manufacture according to their job cost sheets were comple h. Jobs were sold on account to customers during the year for a total of $3,510,000. The jo manufacture according to their job cost sheets. 15. What is the net operating income for the year? Net operating income