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 Work in process Finished goods $ 5e,eee $ 38,800 $ 43, 2ee 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 $1200 per direct labor-hour was based on a cost formula that estimated $480,000 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, $696.000. b. Raw materials used in production, $655,400. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $430,000; Indirect labor. $150,000, selling and administrative salaries. $251.000. d. Incurred various selling and administrative expenses (eg.. advertising, sales travel costs, and finished goods warehousing). $411,000. e. Incurred various manufacturing overhead costs (e.g.. depreciation Insurance, and utilitles). $330,000. f. Manufacturing overhead cost was applied to production. The company actually worked 41.000 direct labor-hours on all Jobs during the year. 9. Jobs costing $1.521.800 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 $3,255,000. The jobs cost $1,531,800 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 Mat Journal entry worksheet > Record the raw materials used in production. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general Journal 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 Work in process Finished goods $ 50,000 $ 38,800 $ 43,200 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 $1200 per direct labor-hour was based on a cost formula that estimated $480,000 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, $696,000. b. Raw materials used in production, $655,400. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $430,000; Indirect labor. $150.000; selling and administrative salaries, $251.000. d. Incurred varlous selling and administrative expenses (eg.. advertising, sales travel costs, and finished goods warehousing). $411,000. e. Incurred various manufacturing overhead costs (eg.. depreciation, Insurance, and utilities). $330.000. f. 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 $1.521.800 to manufacture according to their job cost sheets were completed during the year. K. Jobs were sold on account to customers during the year for a total of $3,255,000. The jobs cost $1.531.800 to manufacture according to their job cost sheets. 2. What is the ending balance in Raw Materials? Raw Materials Beg bal End. bal. 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 Work in process Finished goods $ 5e,eee $ 38,888 $ 43,200 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 $1200 per direct labor-hour was based on a cost formula that estimated $480,000 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. $696.000. b. Raw materials used in production, $655.400. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $430,000; Indirect labor. $150,000; seling and administrative salaries, $251.000. d. Incurred various selling and administrative expenses (eg., advertising, sales travel costs, and finished goods warehousing). $411,000. e. Incurred various manufacturing overhead costs (eg.. depreciation, Insurance, and utilities). $330.000. f. 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 $1,521,800 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 $3,255,000. The jobs cost $1,531,800 to manufacture according to their job cost sheets. 3. What is the journal entry to record the labor costs incurred during the year? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction Mat Journal entry worksheet