pter 3 Foundational 15 Saved 4 4 of 11 01:28:57 Book PIM 0 erences The Foundational 15 (Algo) (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: Rav materials Work in process Finished goods $ 63,000 $ 22,200 $ 52,500 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 $11.50 per direct labor-hour was based on a cost formula that estimated $460,000 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, $618,000. b. Raw materials used in production, $569,400. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $410,000; indirect labor, $150,000; selling and administrative salaries, $338,000. d. Incurred various selling and administrative expenses (e.g. advertising, sales travel costs, and finished goods warehousing), $382,000. e. Incurred various manufacturing overhead costs (e.g. depreciation, insurance, and utilities), $310,000. 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 $1,372,600 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 $3,202,500. The jobs cost $1,382,600 to manufacture according to their job cost sheets. Foundational 3-7 (Algo) 7. What is the ending balance in Work in Process? Work in Process Debit Credit Beginning balance Ending balance