Saved He You received no credit for this question in the previous attempt. 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 as follows: were $ 40,000 $18,000 35,000 Raw materials Work in process Finished goods 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 jused as direct materials c The following costs were accrued for employee services: direct labor, $600,coo; 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. f Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all lnhe dsinn tha unar 14 15 of 15 Next > Prev the back Schedule D (Form BAA For Paperwork Reduction Act Notice, see your tax return instructions. FOA612 08/16/17 was applied to production. The company actually worked 41,000 direct labor-hours f. Manufacturing overhead cost 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 3-14 14. What is the gross margin for the year? S 1.776,250 Gross margin