Required Information The Foundational 15 (Algo) [LO3-1, LO3-2, LO3-3, LO3-4] [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 (e.g., advertising, sales travel costs, and finished goods warehousing), $401,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, Insurance, and utilities), $460,000. 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 $1,614,850 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. Foundational 3-1 (Algo) 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 View journal entry worksheet No 1 Transaction Work in process Raw materials General Journal Debit Credit 513,000 513,000