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 Work in process Finished goods $ 74,000 $ 31,800 $ 52,200 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 $14.50 per direct labor-hour was based on a cost formula that estimated $580,000 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, $690,000. b. Raw materials used in production, $641,800. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $530,000; Indirect labor, $150,000; selling and administrative salaries, $308,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing). $457,000. e. Incurred various manufacturing overhead costs (e.g. depreciation, Insurance, and utilities), $430,000. 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 $1,703,300 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 $3,510,000. The jobs cost $1,713,300 to manufacture according to their job cost sheets. 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 $14.50 per direct labor-hour was based on a cost formula that estimated $580,000 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, $690,000. b. Raw materials used in production, $641,800. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $530,000; Indirect labor, $150,000; selling and administrative salaries, $308,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $457,000. e. Incurred various manufacturing overhead costs (eg, depreciation, insurance, and utilities), $430,000. 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 $1,703,300 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 $3,510,000. The jobs cost $1,713,300 to manufacture according to their job cost sheets. Foundational 3-13 (Algo) 13. Assuming that the company closes its underapplied or overapplied overhead to Cost of Goods Sold, what is the adjusted costo goods sold for the year? Adjusted cost of goods sold