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Bunnell Corporation

is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows:

 

  Raw materials$40,000Work in process$18,000Finished 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:

 

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