What is CO ect of incorrect for the work you have completed so far. It does not indicate completion. 3 0 Part 3 of 15 Required Information The Foundational 15 (L03-1, L03-2, 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: 10 points Raw materiale Work in process Finished goods $ 50,500 $ 25,000 $ 38,100 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 $11.75 per direct labor-hour was based on a cost formula that estimated $470,000 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, $592,000. b. Raw materials used in production, $557,000. All of of the raw materials were used as direct materials c. The following costs were accrued for employee services: direct labor, $420,000; indirect labor, $150,000; selling and administrative salaries, $295,000 d. Incurred various selling and administrative expenses (eg, advertising, sales travel costs, and finished goods warehousing). $381,000. e. Incurred various manufacturing overhead costs (eg, depreciation, Insurance, and utilities). $320,000 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 $1,399,450 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 $2,925,000. The jobs cost $1,409,450 to manufacture according to their job cost sheets. Foundational 3-3 Foundational 3-3 3. What is the journal entry to record the labor costs incurred during the year? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete. No Transaction Debit Credit 1 Goneral Journal Accounts payable Work in process Manufacturing overhead Selling and administrative salaries Wapos payable 420,000 150,000 295,000 865,000 3 Son