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 $ 61,500 $ 32,400 $ 42,900 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 $13.75 per direct labor-hour was based on a cost formula that estimated $550,000 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, $514,000. b. Raw materials used in production, $468,200. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct lobor, $500,000; Indirect labor, $150,000; selling and administrative salaries, $309,000 d. Incurred various selling and administrative expenses (e.g. advertising, sales travel costs, and finished goods warehousing). $449,000. e. Incurred various manufacturing overhead costs (eg.depreciation, Insurance, and utilities), $400,000. 6. 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 $1,459,350 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 $2,985,000. The jobs cost $1,469,350 to manufacture according to their job cost sheets. Journal entry worksheet