The Foundational 15 (Static) (LO3-1, LO3-2, LO3-3, LO3-4) [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 15 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 The following costs were accrued for employee services direct labor, $600,000, Indirect labor, $150,000, selling and administrative salaries $240,000 dincurred 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 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 $1,680,000 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 $1,696,000 to manufacture according to their job cost sheets Foundational 3.4 (Static) 4 What is the total amount of manufacturing overhead applied to production during the year? Manufacturing and acced 650 0001 The Foundational 15 (Static) (LO3-1, LO3-2, LO3-3, LO3.4) [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 of 15 Raw materials $ 40, eee Work in process S 18,eee 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 ook rences 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 1 Manufacturing overhead cost was applied to production The company actually worked 41,000 direct labor hours on all g Jobs costing $1,680,000 to manufacture according to their job cost sheets were completed during the year, n 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 3-5 (Static) 5. What is the total manufacturing cost added to Work in Process during the year? Total manufacturing cost $ 1.730.000 Bunnell Corporation is a manufacturer that uses job-order costing On January 1, the company's inventory bolovere as follows 7015 Raw materials $ 40,000 Work in process $ 18,000 Finished goods $ 35, Bee 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 awarded bored 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 dincurred various selling and administrative expenses (eg, advertising, sales travel costs, and finished goods Warehousing). $367000 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 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 Foundational 3-7 (Static) 7 What is the ending balance in Work in Process? Work in Process Debit Credit Beginning balance 18.000 (6) 480.000 (D 650.000 (c) 600,000 1,680,000 (9) OOO Ending balance 68.000 ous attempt 2 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 of 15 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: 3 nces 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, 5600,000, 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 1. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on alt 9. Jobs costing $1,680,000 to manufacture according to their job cost sheets were completed during the year, n 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 3-9 (Static) 9. Is manufacturing overhead underapplied or overapplied for the year? By how much? Underappled overhead $ 0 Bunnell Corporation is a manufacturer that uses job-order costing On January 1, the company's inventory balances were as follows: 5 Raw materials $ 40,000 Work in process $ 18,eee Finished goods $ 35, cee 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 telling 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 1. 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 $1680,000 to manufacture according to their job cost sheets were completed during the year n 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 3-13 (Static) 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 $ 1,690,000 B The Foundational 15 (Static) (L03-1, LO3-2, LO3-3, LO3-4) [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 5 as follows Raw materials $ 40,000 Work in process $ 18,00 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. Row 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 dincurred various selling and administrative expenses (eg, advertising, sales travel costs, and finished goods warehousing). $367000 e incurred various manufacturing overhead costs (eg depreciation, insurance, and utilities), $500.000 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 $1,680,000 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 $1690,000 to manufacture according to their job cost sheets Foundational 3-14 (Static) 14. What is the gross margin for the year? Gross margin $ 1.110,000 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 $ 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 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 $1,680,000 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 Foundational 3-15 (Static) 15. What is the net operating income for the year? Not operating income S 503.000