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14. What is the gross margin for the year? 15. What is the net operating income for the year? 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? Required information The Foundational 15 (Algo) [LO3-1, LO3-2, LO3-3, LO3-4] [The following informotion applies to the questions displayed below] Bunneli Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventary balances were as follows: The company applies overhead cost to jobs on the basis of direct Iabor-hours. For the curtent year, the company's predetermined overheed rate of $13.00 per direct labor-hour was based on a cost formula that estimated $520,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were. recorded for the year: a. Row materials were purchased on account, $584,000 b. Row materials used in production, $537,600. All of of the raw materials were used as direct motorials. c. The following costs were accrued for employee services: direct labor, $470,000, indirect labor, $150,000, selling and administrative salaries, $249,000 d. Incurred various selling and administrative expenses fe.g, advertising, sales travel costs, and tinished goods warehousing), $464,000 e. Incurred various manufacturing overheod costs (e.9., depreciation, insurance, and utilities), $370,000. f. Manufacturing overnead cost was applied to production. The company actually worked 41,000 direct labor hours on all jobs during the year. 9. Jobs costing $1,478,700 to manufacture occording to their job cost sheets were completed during the year. 1., Jobs were sold on account to customers during the year for a total of $3,367,500. The jobs cost $1,488,700 to manufacture according to their job cost sheets