The Foundational 15 [LO3-1, LO3-2, LO3-3, LO3-4] The following information applies to the questions displayed below Bunnel 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 s 48,806e 18,000 $ 35,006 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 use 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 (e.g. advertising, sales travel costs, and finished goods warehousing), $367000 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 al 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