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The Foundational 15 (Algo) (L03-1, LO3-2, LO3-3, L03-4) [The following information applies to the questions displayed below) Bunnell Corporation is a manufacturer that uses job-order

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The Foundational 15 (Algo) (L03-1, LO3-2, LO3-3, L03-4) [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: RAM materials $ 61,500 Work in process $ 32,400 Finished goods 42,900 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 $13.75 per direct labor hour was based on a cost formula that estimated $550,000 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, $514,000 b. Raw materials used in production, $468.200. All of of the raw materials were used as direct materials c. The following costs were accrued for employee services direct labor, $500,000 indirect labor, $150,000;seling and administrative salaries, $309.000 dincurred various selling and administrative expenses (0.9. advertising, sales travel costs, and finished goods warehousingl5449,000 Incurred various manufacturing overhead costs (eg. depreciation, insurance, and utilities). $400,000 f. Manufacturing overhead cost was applied to production. The company actually worked 41000 direct labor hours on all Jobs during the year. 9 Jobs costing $1,459,350 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 $2.985,000. The jobs cost $1.469,350 to manufacture according to their job cost sheets Foundational 3-2 (Algo) 2. What is the ending balance in Raw Materials? Raw Materials Debit Beginning balance Credit Ending balance Foundational 3-4 (Algo) 4. What is the total amount of manufacturing overhead applied to production during the year? Manufacturing overhead applied 5. What is the total manufacturing cost added to Work in Process during the year? Total manufacturing cost 7. What is the ending balance in Work in Process? Work in Process Debit Beginning balance Credit Ending balance Foundational 3-8 (Algo) 8. What is the total amount of actual manufacturing overhead cost incurred during the year? Total actual manufacturing overhead cost Foundational 3-9 (Algo) 9. Is manufacturing overhead underapplied or overapplied for the year? By how much

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