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 pro $ 32,400 Tinished goods 5 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: 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 labor $150,000, selling and administrative salaries, $309.000 dincurred various selling and administrative expenses (e.g. advertising, sales travel costs, and finished goods warehousingl $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 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. 15. What is the net operating income for the year? Net operating income