12. What is the ending balance in Finished Goods? 5. What is the total manufacturing cost added to Work in Process for this year? 8. What is the total actual manufacturing overhead cost incurred for this year? 4. What is the total manufacturing overhead applied to production for this year? 7. What is the ending balance in Work in Process? 3. What is the journal entry to record the labor costs for this year? Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 11. What is the journal entry to record the cost of goods sold referred to in item h above? Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Note: Enter debits before credits. 13. Assuming the company closes its underapplied or overapplied overhead to Cost of Goods Sold, what is the adjusted cost of goods sold for this year? 15. What is the net operating income for this year? Required information [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: The company applies overhead cost to jobs using direct labor-hours. For this year, the company's predetermined overhead rate of $13.25 per direct labor-hour was based on a cost formula that estimated $530,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded this year: a. Raw materials were purchased on account, $708,000, b. Raw materials used in production, $666,400. All of of the raw materiais were used as direct materials. c. The following costs were accrued for employee services: direct labor, $480,000; indirect labor, $150,000; selling and administrative salaries, $335,000. d. Incurred various selling and administrative expenses (e.g, advertising, sales travel costs, and finished goods warehousing), $397,000. e. Incurred various manufacturing overhead costs (e.9. depreciation, insurance, and utilities), $380,000. 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 $1,606,150 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 $3,165,000. The jobs cost $1,616,150 to manufacture according to their job cost sheets. 14. What is the gross margin for this year? 9. Is manufacturing overhead underapplied or overapplied for this year? By how much? 10. What is the cost of goods available for sale for this year
