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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 % 59,500 Raw materials Work in process37,600 Finished goods $61,800 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 $14.25 per direct labor-hour was based on a cost formula that estimated $570,000 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, $634,000 b. Raw materials use in production, $598,400. All of of the raw materials were used as direct materials c. The following costs were accrued for employee services: direct labor, $520,000; indirect labor, $150,000; selling and administrative salaries, $337000 d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing). $461,000 e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $420,000 f. 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 $1,645,750 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 $3,360,000. The jobs cost $1,655,750 to manufacture according to their job cost sheets Foundational 3-14 14. What is the gross margin for the year? Gross margin