[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 $ 50,000 $ 30,800 Finished goods $ 43,200 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 $12.00 per direct labor-hour was based on a cost formula that estimated $480,000 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, $696,000. b. Raw materials use in production, $655,400. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $430,000; indirect labor, $150,000; selling and administrative salaries, $251,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $411,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $330,000. 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 $1,521,800 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 $3,255,000. The jobs cost $1,531,800 to manufacture according to their job cost sheets. 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 $12.00 per direct labor-hour was based on a cost formula that estimated $480,00 total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transaction recorded for the year: a. Raw materials were purchased on account, $696,000. b. Raw materials use in production, $655,400. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $430,000; indirect labor, $150,000; selling administrative salaries, $251,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $411,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $330,000. f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours jobs during the year. g. Jobs costing $1,521,800 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 $3,255,000. The jobs cost $1,531,800 to manufacture according to their job cost sheets. 8. What is the total amount of actual manufacturing overhead cost incurred during the year? Total actual manufacturing overhead cost a. naw materials were purchase VII OLLOUT, PUU. b. Raw materials use in production, $655,400. All of of the raw materials were used as direc c. The following costs were accrued for employee services: direct labor, $430,000; indirect administrative salaries, $251,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, warehousing), $411,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities f. Manufacturing overhead cost was applied to production. The company actually worked 4 jobs during the year. g. Jobs costing $1,521,800 to manufacture according to their job cost sheets were complet h. Jobs were sold on account to customers during the year for a total of $3,255,000. The jo manufacture according to their job cost sheets. 9. Is manufacturing overhead underapplied or overapplied for the year? By how much? recorded for the year: a. Raw materials were purchased on account, $696,000. b. Raw materials use in production, $655,400. All of of the raw materials were used as direct m c. The following costs were accrued for employee services: direct labor, $430,000; indirect lab administrative salaries, $251,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and warehousing), $411,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $ f. Manufacturing overhead cost was applied to production. The company actually worked 41,0 jobs during the year. g. Jobs costing $1,521,800 to manufacture according to their job cost sheets were completed c h. Jobs were sold on account to customers during the year for a total of $3,255,000. The jobs manufacture according to their job cost sheets. 10. What is the cost of goods available for sale during the year? Cost of goods available for sale View transaction list Journal entry worksheet 1 Record the cost of goods sold to the customer. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal predetermined overhead rate of $12.00 per direct labor-hour was based on a cost formula that estimated $480,000 total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions recorded for the year: a. Raw materials were purchased on account, $696,000. b. Raw materials use in production, $655,400. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $430,000; indirect labor, $150,000; selling a administrative salaries, $251,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $411,000. e. Incurred various manufacturing, overhead costs (e.g., depreciation, insurance, and utilities), $330,000. f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours jobs during the year. g. Jobs costing $1,521,800 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 $3,255,000. The jobs cost $1,531,800 to manufacture according to their job cost sheets. 12. What is the ending balance in Finished Goods? Beg. Bal. Finished Goods End. Bal. 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, $696,000. b. Raw materials use in production, $655,400. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $430,000; Indirect labor, $150,000; selling and administrative salaries, $251,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $411,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, Insurance, and utilities), $330,000. 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 $1,521,800 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 $3,255,000. The jobs cost $1,531,800 to manufacture according to their job cost sheets. 13. Assuming that the company closes its underapplied or overapplied overhead to Cost of Goods Sold, what is the adjusted cost of goods sold for the year? Adjusted cost of goods sold 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 $12.00 per direct labor-hour was based on a cost formula that estimated $480,000 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, $696,000. b. Raw materials use in production, $655,400. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $430,000; indirect labor, $150,000; selling and administrative salaries, $251,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $411,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $330,000. f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on a jobs during the year. g. Jobs costing $1,521,800 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 $3,255,000. The jobs cost $1,531,800 to manufacture according to their job cost sheets. 14. What is the gross margin for the year? Gross margin a. now at were purchased VII account, p b. Raw materials use in production, $655,400. All of of the raw materials were used as direct ma c. The following costs were accrued for employee services: direct labor, $430,000; indirect labo administrative salaries, $251,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and warehousing), $411,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $3 f. Manufacturing overhead cost was applied to production. The company actually worked 41,00 jobs during the year. g. Jobs costing $1,521,800 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 $3,255,000. The jobs c manufacture according to their job cost sheets. 15. What is the net operating income for the year? Net operating income