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 $ 40,000 Work in process $ 18,000 Finished goods $ 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 c. The following costs were accrued for employee services: direct labor. $600,000; Indirect labor, 5150,000, selling and administrative salaries, $240,000. d. incurred various selling and administrative expenses (eg. advertising, sales travel costs, and finished goods warehousing). $367,000 e incurred various manufacturing overhead costs (eg, depreciation Insurance, and utilities), $500,000 I Manufacturing overhead cost was applled to production. The company actually worked 41,000 direct labor-hours on an jobs during the year. 9 Jobs costing $1680.000 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 $2,800,000 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 fleld.) View transaction list Journal entry worksheet