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CoursHeroTranscribedText: Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials $ 86,500 Work in process 5 22,600 Finished goods 5 63,900 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 $15.00 per direct labor-hour was based on a cost formula that estimated $600,000 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, $632,000. b. Raw materials used in production, $585,600. All of ofthe raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $550,000; indirect labor, $150,000; selling and administrative salaries, $328,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing) $375,000. e Incurred various manufacturing overhead costs (e. g., depreciation insurance, and utilities) $450 000. 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 $1,670,300 to manufacture according to theirjob cost sheets were completed during the year. h. Jobs were sold on account to customers during the year for a total of $3,172,500. The jobs cost $1,680,300 to manufacture according to theirjob cost sheets. 2. What is the ending balance in Raw Materials? Q Answer is complete but not entirely correct. 86.5000 __ (a) 0 032.0009 710.5009 (b) 0