The following information some question de bew! Buel Corporation is a mondateres poder costing on the comes herences The company oplies overhead cost to jobs on the basis of director hours. For the current yeah.com predetermined Overhead role of $2.50 per director hou was based on a cost formuleet esined 500.000 total manufacturing overhed for an estimated activity level of 40.000 director. The action Rwers were used on OL MODO Rased in production 2000 Alf of the The following costs were scored for royees $450.000 indirect ing and cured sing and administravertinere cosand do incurred various manufacturing overhead cose depreciation, and 5350.000 Manufacturing overhead cost was noplied to production. The company cultyworld 000 dimechows.com Jobs were sold on account to comer umge year for two. The cost manufacture according to the conseils 1. 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.) 2. What is the ending balance in Raw Materials? 3. What is the journal entry to record the labor costs incurred during the year? 4. What is the total amount of manufacturing overhead applied to production during the year? s. What is the total manufacturing cost added to Work in Process during the year? 6. What is the journal entry to record the transfer of completed jobs that is referred to in item above? (if no entry is required for a transaction/event, select "No journal entry required in the first account field.) 7. What is the ending balance in Work in Process? 8. What is the total amount of actual manufacturing overhead cost incurred during the year? 9. Is manufacturing overhead underapplied or overapplied for the year? By how much? 10. What is the cost of goods available for sale during the year? 11. What is the journal entry to record the cost of goods sold referred to in item above? if no entry is required for a transaction/event, select "No journal entry required in the first account field.) 12. What is the ending balance in Finished Goods? 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? 14. What is the gross margin for the year? 15. What is the net operating income for the year? Required information [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 $ 84,500 $ 35,000 $ 44,100 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 $12.50 per direct labor-hour was based on a cost formula that estimated $500,000 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, $614,000 b. Raw materials used in production, $567,600. Al of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $450,000, indirect labor, $150,000, selling and administrative salaries, $290,000 d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods e. Incurred various manufacturing overhead costs (0.9. depreciation, insurance, and utilities). $350,000 f. 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 $1.461,900 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 $3172.500. The jobs cost $1,471,900 to manufacture according to their job cost sheets. 1. 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.) 2. What is the ending balance in Raw Materials? 3. What is the journal entry to record the labor costs incurred during the year? 4. What is the total amount of manufacturing overhead applied to production during the year? 5. What is the total manufacturing cost added to Work in Process during the year? 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 required for a transaction/event, select "No journal entry required" in the first account field.) 7. What is the ending balance in Work in Process? 8. What is the total amount of actual manufacturing overhead cost incurred during the year? 9. Is manufacturing overhead underapplied or overapplied for the year? By how much? 10. What is the cost of goods available for sale during the year? 11. What is the journal entry to record the cost of goods sold referred to in item h above? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 12. What is the ending balance in Finished Goods? 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? 14. What is the gross margin for the year? 15. What is the net operating income for the year? The following information some question de bew! Buel Corporation is a mondateres poder costing on the comes herences The company oplies overhead cost to jobs on the basis of director hours. For the current yeah.com predetermined Overhead role of $2.50 per director hou was based on a cost formuleet esined 500.000 total manufacturing overhed for an estimated activity level of 40.000 director. The action Rwers were used on OL MODO Rased in production 2000 Alf of the The following costs were scored for royees $450.000 indirect ing and cured sing and administravertinere cosand do incurred various manufacturing overhead cose depreciation, and 5350.000 Manufacturing overhead cost was noplied to production. The company cultyworld 000 dimechows.com Jobs were sold on account to comer umge year for two. The cost manufacture according to the conseils 1. 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.) 2. What is the ending balance in Raw Materials? 3. What is the journal entry to record the labor costs incurred during the year? 4. What is the total amount of manufacturing overhead applied to production during the year? s. What is the total manufacturing cost added to Work in Process during the year? 6. What is the journal entry to record the transfer of completed jobs that is referred to in item above? (if no entry is required for a transaction/event, select "No journal entry required in the first account field.) 7. What is the ending balance in Work in Process? 8. What is the total amount of actual manufacturing overhead cost incurred during the year? 9. Is manufacturing overhead underapplied or overapplied for the year? By how much? 10. What is the cost of goods available for sale during the year? 11. What is the journal entry to record the cost of goods sold referred to in item above? if no entry is required for a transaction/event, select "No journal entry required in the first account field.) 12. What is the ending balance in Finished Goods? 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? 14. What is the gross margin for the year? 15. What is the net operating income for the year? Required information [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 $ 84,500 $ 35,000 $ 44,100 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 $12.50 per direct labor-hour was based on a cost formula that estimated $500,000 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, $614,000 b. Raw materials used in production, $567,600. Al of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $450,000, indirect labor, $150,000, selling and administrative salaries, $290,000 d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods e. Incurred various manufacturing overhead costs (0.9. depreciation, insurance, and utilities). $350,000 f. 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 $1.461,900 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 $3172.500. The jobs cost $1,471,900 to manufacture according to their job cost sheets. 1. 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.) 2. What is the ending balance in Raw Materials? 3. What is the journal entry to record the labor costs incurred during the year? 4. What is the total amount of manufacturing overhead applied to production during the year? 5. What is the total manufacturing cost added to Work in Process during the year? 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 required for a transaction/event, select "No journal entry required" in the first account field.) 7. What is the ending balance in Work in Process? 8. What is the total amount of actual manufacturing overhead cost incurred during the year? 9. Is manufacturing overhead underapplied or overapplied for the year? By how much? 10. What is the cost of goods available for sale during the year? 11. What is the journal entry to record the cost of goods sold referred to in item h above? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 12. What is the ending balance in Finished Goods? 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? 14. What is the gross margin for the year? 15. What is the net operating income for the year