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: Raw materials Work in process Finished goods $ 86,500 $ 22,600 $ 63,900 The company applies overhead cost to jobs using direct labor-hours. For this year, the company's predetermined overhead rate of $15.00 per direct labor-hour was based on a cost formula that estimated $600,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded this year: a. Raw materials were purchased on account, $632,000. b. Raw materials used in production, $585,600. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $550,000; indirect labor, $150,000; selling and administrative salaries, $328,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $375,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $450,000. 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 $1,670,300 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 $3,172,500. The jobs cost $1,680,300 to manufacture according to their job cost sheets. 7. What is the ending balance in Work in Process? Work in Process Debit Credit Beginning balance < Prev 7 8 9 110 of 10 Next >
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: Raw materials Work in process Finished goods $ 86,500 $ 22,600 $ 63,900 The company applies overhead cost to jobs using direct labor-hours. For this year, the company's predetermined overhead rate of $15.00 per direct labor-hour was based on a cost formula that estimated $600,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded this year: a. Raw materials were purchased on account, $632,000. b. Raw materials used in production, $585,600. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $550,000; indirect labor, $150,000; selling and administrative salaries, $328,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $375,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $450,000. 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 $1,670,300 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 $3,172,500. The jobs cost $1,680,300 to manufacture according to their job cost sheets. 7. What is the ending balance in Work in Process? Work in Process Debit Credit Beginning balance < Prev 7 8 9 110 of 10 Next >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
![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:
Raw materials
Work in process
Finished goods
$ 86,500
$ 22,600
$ 63,900
The company applies overhead cost to jobs using direct labor-hours. For this year, the company's predetermined
overhead rate of $15.00 per direct labor-hour was based on a cost formula that estimated $600,000 of total
manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were
recorded this year:
a. Raw materials were purchased on account, $632,000.
b. Raw materials used in production, $585,600. All of of the raw materials were used as direct materials.
c. The following costs were accrued for employee services: direct labor, $550,000; indirect labor, $150,000; selling and
administrative salaries, $328,000.
d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods
warehousing), $375,000.
e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $450,000.
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 $1,670,300 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 $3,172,500. The jobs cost $1,680,300 to
manufacture according to their job cost sheets.
7. What is the ending balance in Work in Process?
Work in Process
Debit
Credit
Beginning balance
< Prev
7 8 9
110
of 10
Next >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3f33b4c6-6f97-4b8b-8ce4-ce7df1691de3%2F4ec1a98c-374f-4e9d-8a47-118946df81c7%2F61zufrc_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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:
Raw materials
Work in process
Finished goods
$ 86,500
$ 22,600
$ 63,900
The company applies overhead cost to jobs using direct labor-hours. For this year, the company's predetermined
overhead rate of $15.00 per direct labor-hour was based on a cost formula that estimated $600,000 of total
manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were
recorded this year:
a. Raw materials were purchased on account, $632,000.
b. Raw materials used in production, $585,600. All of of the raw materials were used as direct materials.
c. The following costs were accrued for employee services: direct labor, $550,000; indirect labor, $150,000; selling and
administrative salaries, $328,000.
d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods
warehousing), $375,000.
e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $450,000.
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 $1,670,300 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 $3,172,500. The jobs cost $1,680,300 to
manufacture according to their job cost sheets.
7. What is the ending balance in Work in Process?
Work in Process
Debit
Credit
Beginning balance
< Prev
7 8 9
110
of 10
Next >
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