Required information The Foundational 15 [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 $ 50,500 $ 25,000 $ 38,100 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 $11.75 per direct labor-hour was based on a cost formula that estimated $470,000 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, $592,000. b. Raw materials used in production, $557,000. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $420,000, Indirect labor, $150,000, selling and administrative salaries, $295,000 d. Incurred various selling and administrative expenses (eg, advertising, sales travel costs, and finished goods warehousing). $381000. e. Incurred various manufacturing overhead costs (e.g.. depreciation, insurance, and utilities), $320,000. 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 $1,399,450 to manufacture according to their job cost sheets were completed during the year. n. Jobs were sold on account to customers during the year for a total of $2,925,000. The Jobs cost $1,409,450 to manufacture according to their job cost sheets. Chapter 3 - Due February 16, 2021 Saved Foundational 3-3 115 3. What is the journal entry to record the labor costs incurred during the year? (If no entry is required for a transaction/e "No journal entry required" In the first account field.) View transaction list Journal entry worksheet