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: Raw materials. $ 49,000 Work in process Finished goods $ 28,600 $ 47,100 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 $15.25 per direct labor-hour was based on a cost formula that estimated $610,000 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, $562,000. b. Raw materials used in production, $513,200, All of of the raw materials were used as direct materials c. The following costs were accrued for employee services: direct labor, $560,000, indirect labor, $150,000, selling and administrative salaries, $249,000 d. Incurred various selling and administrative expenses (eg, advertising, sales travel costs, and finished goods warehousing), $401,000 e. Incurred various manufacturing overhead costs (e.g. depreciation, insurance, and utilities). $460,000 1. 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 $1,614,850 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 $3,397,500 The jobs cost $1,624,850 to manufacture according to their job cost sheets.