work Required information The following information applies to the questions dis

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work 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: Rav naterials Work in process 18,000 40,000 Pinished 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 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, ndirect 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). $367,000. e. Incurred various manufacturing overhead costs (e.q.. depreciation, insurance, and utilities), $500,000. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct la bor-hours on all jobs during the year g Jobs costing $1680,000 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 Required: 1. What is the journal entry to record row materia's used In production? (if no entry is required for a transaction/event, seiect "Na Journal entry required" in the first account field.) MacBook Air IF B0F 4 0

Explanation / Answer

1 Work in Process inventory 480000        Raw materials inventory 480000 To record raw materials used in production

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