Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
image text in transcribed
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 materiala Work in process Finished goods $ 62,500 $ 23,200 $36.900 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 $11.00 per direct labor hour was based on a cost formula that estimated $440,000 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. $694,000, b. Raw materials used in production, $644,800. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor. $390,000; Indirect labor, $150,000; selling and administrative salaries, $246,000. d. Incurred various selling and administrative expenses (c.9. advertising, sales travel costs, and finished goods warehousing), $430,000, e. Incurred various manufacturing overhead costs (e.g.. depreciation, insurance, and utilities). $290,000 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 $1,403,100 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 $2,827.500. The jobs cost $1,413,100 to manufacture according to their job cost sheets. Required information 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 Journal entry worksheet Record the raw materials used in production. Note Enter debits before credits Transaction General Journal Debit Credit 1 Record entry Clear entry View caneren Journal View general Journal 2. What is the ending balance in Raw Materials? Raw Materials Beg. Bal. End. Bal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Courageous Auditing Beyond Compliance Towards Being A Catalyst For Change

Authors: Kathy Rees

1st Edition

0648958108, 978-0648958109

More Books

Students also viewed these Accounting questions

Question

Determine the value of x. log x 64 = 3

Answered: 1 week ago

Question

44. Show that ( ) ( ). Give an interpretation involving subsets.

Answered: 1 week ago

Question

a neglect of quality in relationship to international competitors;

Answered: 1 week ago