Part 15 Required information 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: points 304 Raw materials 550.500 Work in process 5 25,000 Tinished goods 530,100 Book 0 The company apples overhead cost to jobs on the basis of direct labor hours. For the current year, the company's predetermined overhead rate of $11.75 per direct labor hour was based on a cost formula that estimated $470,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor hours. The following transactions were recorded for the year: Bren a Raw materials were purchased on account, $592.000. b. Raw materials used in production, $557,000. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, S420,000; indirect labor, $150,000, selling and administrative salaries, $295,000. dincurred various selling and administrative expenses (e.g. advertising, sales travel costs, and finished goods warehousing $361,000. cincurred various manufacturing overhead costs (c.g. depreciation, Insurance, and utilities. $320,000. t Manufacturing overhead cost was applied to production. The company actually worked 41000 direct labor hours on all jobs during the year. Jobs costing $1,399,450 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 $2.925,000. The jobs cost $1,409.450 to manufacture according to their job cost sheets. 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 lit Journal entry worksheet Record the raw materials used in production Note: Enter debts before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general Journal