Answered step by step
Verified Expert Solution
Question
1 Approved Answer
What I have filled in so far is correct, but it says I am still missing parts. Please help Required information [The following information applies
What I have filled in so far is correct, but it says I am still missing parts. Please help
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: 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; selling and administrative salaries, $309,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $449,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $400,000. 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 $1,459,350 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. 2. What is the ending balance in Finished Goods? 7. What is the ending balance in Work in ProcessStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started