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). $381,000. e. Incurred various manufacturing overhead costs (eg, depreciation, Insurance, and utilities), $320,000, 1. 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. h. 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. Connect Chapter 3 - Due February 16, 2021 Saved 2 Part 2 of 15 a. Raw materials were purchased on account, $592,000. b. Raw materials used in production, $557,000. All of of the raw materials wei c. The following costs were accrued for employee services: direct labor, $420 administrative salaries, $295,000. d. Incurred various selling and administrative expenses (e.g., advertising, sale: warehousing). $381,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, Insurano f. Manufacturing overhead cost was applied to production. The company actu jobs during the year. g. Jobs costing $1,399,450 to manufacture according to their job cost sheets h. Jobs were sold on account to customers during the year for a total of $2,92! manufacture according to their job cost sheets. 10 points eBook Foundational 3-2 Print 2. What is the ending balance in Raw Materials? References Raw Materials Beg. Bal. End. Bal