Exercise 2-4 Recording product costs LO P1, P2, P3 Starr Company reports the following Information for August Raw materials purchased on account Direct materials used in production Factory wages earned (direct labor) Overhead rate $ 86,608 $58,480 $19,858 120% of direct labor cost Prepare Journal entries to record the following events. 1. Raw materlals purchased. 2. Direct materlals used In production. 3. DIrect labor used In production. 4. Applied overhead. View transaction list Journal entry worksheet 2 4 Record the entry to assign direct materials to jobs Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general jourmal

Question
Exercise 2-4 Recording product costs LO P1, P2, P3
Starr Company reports the following Information for August
Raw materials purchased on account
Direct materials used in production
Factory wages earned (direct labor)
Overhead rate
$ 86,608
$58,480
$19,858
120% of direct labor cost
Prepare Journal entries to record the following events.
1. Raw materlals purchased.
2. Direct materlals used In production.
3. DIrect labor used In production.
4. Applied overhead.
View transaction list
Journal entry worksheet
2
4
Record the entry to assign direct materials to jobs
Note: Enter debits before credits
Transaction
General Journal
Debit
Credit
Record entry
Clear entry
View general jourmal

Image Transcription

Exercise 2-4 Recording product costs LO P1, P2, P3 Starr Company reports the following Information for August Raw materials purchased on account Direct materials used in production Factory wages earned (direct labor) Overhead rate $ 86,608 $58,480 $19,858 120% of direct labor cost Prepare Journal entries to record the following events. 1. Raw materlals purchased. 2. Direct materlals used In production. 3. DIrect labor used In production. 4. Applied overhead. View transaction list Journal entry worksheet 2 4 Record the entry to assign direct materials to jobs Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general jourmal

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