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14. What is the gross margin for the year? 15. What is the net operating income for the year? 4. What is the total amount of manufacturing overhead applied to production during the year? Foundational 3-2 (Algo) 2. What is the ending balance in Raw Materials? 8. What is the total amount of actual manufacturing overhead cost incurred during the year? Foundational 3-7 (Algo) 7. What is the ending balance in Work in Process? 10. What is the cost of goods available for sale during the year? Required information The Foundational 15 (Algo) [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: 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 $15.00 per direct labor-bour 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 for the 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 salarles, $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 uthities), $450,000. f. Manufacturing overhead cost was applied to production. The company actually worked 41000 direct iabor-hours on all fobs during the year 9. Jobs costing $1,670,300 to manufacture according to thel job cost sheets were completed during the yeat. 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 manulacture according to their job cost sheets. 9. Is manufacturing overhead underapplied or overapplied for the year? By how much? Foundational 3-12 (Algo) 12. What is the ending balance in Finished Goods? 5. What is the total manufacturing cost added to Work in Process during the year? 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

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