Required information The following information applies to the questions displayed below) Bunnell Corporation is a manufacturer that uses job-order costing. On January , the company's inventory balances were as follows: Raw materials $ 48,000 Work in process $ 19,400 Finished goods $ 56,100 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 $1475 per direct labor-hour was based on a cost formula that estimated $590,000 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 $590,000 b. Raw materials used in production, $546,400. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, 5540.000 indirect labor, $150.000, selling and administrative salaries, $250,000 d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing). $394,000 e incurred various manufacturing overhead costs leo. depreciation, insurance, and utilities). $440,000. 1. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year. Jobs costing $1.610.950 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 53,082,500. The jobs cost 51.620,950 to manufacture according to their job cost sheets. Required: 1. What is the journal entry to record raw materials used in production? (if no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the raw materials used in production. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal