stional Savod Ime Tonowing wordtion oppne's to me questions urspideo denow. 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, $150,000, 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 Manufacturing overhead cost was applied to production. The company actually worked 41.000 direct labor-hours on all jobs during the year. 9 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. Swed Sundational g. Jobs cosung $1,680,000 to manuacture according to meir job cost sneets were compierea auring 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 3-6 (Static) 6. What is the journal entry to record the transfer of completed jobs that is referred to in item g above? (If no entry is requ transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the manufactured goods completed during this year. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal b. Raw materials used in production, $480,000. All of of the raw materials were use c. The following costs were accrued for employee services: direct labor, $600,000, administrative salaries, $240,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales trave warehousing). $367,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and f. Manufacturing overhead cost was applied to production. The company actually we jobs during the year. g. Jobs costing $1,680,000 to manufacture according to their job cost sheets were ce h. Jobs were sold on account to customers during the year for a total of $2,800,000. manufacture according to their job cost sheets. Foundational 3-7 (Static) 7. What is the ending balance in Work in Process? Work in Process Credit Debit Beginning balance Ending balance Finished goods The company applies overhead cost to jobs on the basis of direct labor-hours. For the current predetermined overhead rate of $16.25 per direct labor-hour was based on a cost formula tha total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The 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 c. The following costs were accrued for employee services: direct labor, $600,000; indirect labe administrative salaries, $240,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and warehousing). $367,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $5 f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 jobs during the year. 9. Jobs costing $1,680,000 to manufacture according to their job cost sheets were completed du h. Jobs were sold on account to customers during the year for a total of $2,800,000. The jobs cos manufacture according to their job cost sheets. Foundational 3-8 (Static) 8. What is the total amount of actual manufacturing overhead cost incurred during the year? Total actual manufacturing overhead cost es h. Jobs were sold on account to customers during the year for a total of $2,800,000. The jobs cost $ manufacture according to their job cost sheets. Foundational 3-9 (Static) 9. Is manufacturing overhead underapplied or overapplied for the year? By how much? 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. Foi predetermined overhead rate of $16.25 per direct labor-hour was based on a cosi total manufacturing overhead for an estimated activity level of 40,000 direct labor 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 use c. The following costs were accrued for employee services: direct labor, $600,000 administrative salaries. $240,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales trav warehousing). $367,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and f. Manufacturing overhead cost was applied to production. The company actually w jobs during the year. g. Jobs costing $1.680,000 to manufacture according to their job cost sheets were h. Jobs were sold on account to customers during the year for a total of $2,800,000 manufacture according to their job cost sheets. Foundational 3-10 (Static) 10. What is the cost of goods available for sale during the year? Cost of goods available for sale