Line Toulowing information applies to the questions displayed below. Bunnel Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 40,000 $ 18,000 $ 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 lobor-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, dincurred varlous selling and administrative expenses (0.9., advertising, sales travel costs, and finished goods Warehousing). $367,000. 6. Incurred various manufacturing overhead costs (eg.depreciation, Insurance, and utilities). $500,000 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 $1,680,000 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 $2,800,000. The jobs cost $1,690,000 to manufacture occording to their job cost sheets + Foundational 3-1 : 1. What is the journal entry to record raw materials used in production? (i no entry is required for a transaction/event, select "No Prov 1 2 S. 15 Next >