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 5 61,500 Work in proces $ 32,400 Tinished goods $ 42,900 The company apples overhead cost to jobs on the basis of direct labor hours. For the current year, the company's predetermined overhead rate of $13.75 per direct labor hour was based on a cost formula that estimated $550.000 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, $514,000. b. Raw materials used in production, $468,200. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $500,000, Indirect laboc $150,000.seling and administrative salaries, $309.000 dincurred various selling and administrative expenses (e.g. advertising, sales travel costs, and finished goods warehousingi. $449,000 cincurred various manufacturing overhead costs (c.g.depreciation, Insurance, and utilities, $400.000 t Manufacturing overhead cost was applied to production. The company actually worked 41000 direct labor hours on all jobs during the year. 9 Jobs costing $1,459,350 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 $2.985,000. The jobs cost $1.469.350 to manufacture according to their job cost sheets. 14. What is the gross margin for the year? Gross margin