Required information The Foundational 15 (Static) [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 $ 40,000 $18,000 $ 35,000 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 $16.25 per direct labor-hour was based on a cost formula that estimated $650,000 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, $510,000. b. Raw materials used in production, $480,000. All of of the raw materials were used as direct materials. The following costs were accrued for employee services: direct labor, $600,000, indirect labor, $150,000: selling and administrative salaries, $240,000 d. Incurred various selling and administrative expenses (e.g. advertising, sales travel costs, and finished goods warehousing), $367,000 e. Incurred various manufacturing overhead costs (e.g, depreciation, insurance, and utilities), $500,000 1. 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 $1,680,000 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 $2,800,000. The jobs cost $1,690,000 to manufacture according to their job cost sheets. Foundational 3-1 (Static) 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.)