Starr Company reports the following information for August.          Raw materials purchased on account $ 76,200   Direct materials used in production $ 48,000   Factory wages earned (direct labor) $ 15,350   Overhead rate   120 % of direct labor cost     Prepare journal entries to record the following events. 1. Raw materials purchased.2. Direct materials used in production.3. Direct labor used in production.4. Applied overhead.

Q: Lind Manufacturing had the following account balances as of January 1. Direct Materials Inventory…

A: The total cost is the sum of the fixed cost and the variable cost. Fixed costs are those that do not…

Q: The following information is available for Fuller Manufacturing Company for the month ending October…

A: Cost of goods manufactured = Beginning Work in process inventory + Total manufacturing costs -…

Q: Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s…

A: Gross Margin in the business means Sales Revenue less cost of goods sold.

Q: During May Company had following expenditures: indirect material used: $25,000 indirect labor:…

A: The overhead is applied on the basis of predetermined overhead rate.

Q: Required: 1. Prepare a job cost sheet for each job worked on during the month. Job No. 136 Job No.…

A: Job costing is one of the form of costing in which all costs are assigned and reviewed on the basis…

Q: B Company, which began operations on January 1 of the current year, reported the following…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: The following information is available for Ethtridge Manufacturing Company for the month ending July…

A: The cost of goods manufactured is the total production cost of the goods finished during the period.…

Q: The estimated total factory overhead cost and total machine hours for Department 40 for the current…

A:

Q: Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s…

A: Solution(15) : Net Operating income = Gross profit - Selling and administrative salaries - Other…

Q: Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s…

A: Raw material is the input which is processed to convert it into a finished product. Basically they…

Q: McAllister, Inc., employs a normal costing system. The following information pertains to the year…

A: Applied Manufacturing overhead = Total manufacturing costs x 20% = $1,380,000 x 20% = $276,000

Q: ABC Corporation reported the following data for the month of January:   Inventories: Beginning…

A: Given that, ABC Corporation : Beginning raw materials = 46000 Ending raw materials = 34000 Raw…

Q: Starr Company shows the following information for the month. $ 81,000 Raw materials purchased on…

A: No. Transaction General Journal Debit  Credit A 1 Raw Material Inventory $81,000       Account…

Q: During August, Rothchild Company incurred factory overhead costs as follows: indirect materials,…

A:

Q: Widmer Watercraft’s predetermined overhead rate is 200% of direct labor. Information on the…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: a. Factory overhead costs During June, Calypso Company incurred factory overhead costs as follows:…

A: Note: Hi! Thank you for the question As per the honor code, We’ll answer the first question since…

Q: Using the information below for Singing Dolls, Inc., determine the total manufacturing costs…

A: Given the following information: Work in Process, January 1: $50,600 Work in Process, December 31:…

Q: Dacosta Corporation had only one job in process on May 1. The job had been charged with $2,500 of…

A: As per  the inventory equation,  Opening stock + Purchases=closing stock + materials consumed

Q: Seed Corporation, which began operations on January I of the current year, reported the following…

A: Company's pre determined overhead rate: = Estimated manufacturing overhead / estimated direct labor…

Q: During January, its first month of operations, Concord Company accumulated the following…

A: The job order costing system is the system where the costing for each job order is carried out…

Q: Marco Company shows the following costs for three jobs worked on in April. Balances on March 31…

A: The cost of goods manufactured is the total costs that are incurred to manufacture the goods that…

Q: Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s…

A: Manufacturing overhead is the indirect cost that is incurred in the production process which can not…

Q: The following information is available for Ethtridge Manufacturing Company for the month ending July…

A: Cost of goods manufactured: Cost of goods manufactured refers to the costs incurred for…

Q: The following account balances at the beginning of January were selected from the general ledger of…

A: Cost of goods manufactured means the cost which is incurred to manufactured the finished goods…

Q: A manufacturing company applies factory overhead based on direct labor hours. At the beginning of…

A: Predetermined overehad rate=Estimated factory overheadDirect Labor hours=$353,70047,300=$7.48

Q: During June, XYZ Company incurred OMR 95,000 of actual Manufacturing Overhead and actual labor hours…

A: Predetermined overhead rate = estimated manufacturing overhead / estimated direct labor hours…

Q: Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s…

A: Work in process stock refers to a corporation's partly completed products that are awaiting…

Q: During May Company had following expenditures: indirect material used: $25,000 indirect labor:…

A:

Q: Widmer Watercraft’s predetermined overhead rate is 200% of direct labor. Information on the…

A: A predetermined overhead rate is a rate that is determined before the start of the year by the…

Q: Dacosta Corporation had only one jol^g process on May 1. The job had been charged with $1,800 of…

A: Raw materials: It is the basic input required to manufacture the finished products. The raw…

Q: Prepare summary journal entries to record the following transactions for a company in its first…

A: Journal Entry: A journal entry, in accounting, is the logging of a transaction in an accounting…

Q: During June, XYZ Company incurred OMR 90,000 of actual Manufacturing Overhead and actual labor hours…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Mango Company applies overhead based on direct labor costs. For the current year, Mango Company…

A: The factory overheads are the costs incurred on the production of the goods. It includes the…

Q: Faucette Corporation has provided the following data concerning manufacturing overhead for January:…

A: Actual manufacturing overhead incurred  $52,000 Manufacturing overhead applied to work in process…

Q: During May, Bergan Company incurred factory overhead costs as follows: indirect materials, $39,000;…

A: Solution: Date Account title Debit Credit 30-May Factory overhead Dr 874800           To…

Q: The following transactions occurred during the month of April for Nelson Company: Apr. 1 Purchased…

A: 1. Journal entries for transactions from April 1 through 25 Date Particulars Debit ($) Credit…

Q: During January, its first month of operations, Bridgeport Company accumulated the following…

A: Manufacturing costs are costs that are incurred for manufacturing or production of goods.

Q: Beckett Industries has the following beginning and ending inventories for the month of April.…

A: Cost of goods sold  is the direct costs related with production process of goods and it includes…

Q: The following account balances at the beginning of January were selected from the general ledger of…

A:

Q: The Sun Company uses the job-order costing system. The following data relate to October, The first…

A: Job-order costing:- Job order costing system is that costing in which the manufacturing costs is…

Q: During May, Bergan Company incurred factory overhead costs as follows: indirect materials, $8,800;…

A:

Q: Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s…

A: Manufacturing cost is the total cost required for the production of goods.

Q: Sohar Factory applies manufacturing overhead based on machine hours. Information concerning…

A: Predetermined overhead rate = Estimated manufacturing overhead / Estimated machine hours =…

Q: Letena Company had only one job in process on July 1. The job had been charged with $1,000 of direct…

A: When actual manufacturing overhead is more than the applied manufacturing overhead , the overhead is…

Q: If the balance of Work in Process on August 31 is $220,000, what was the amount debited to Work in…

A:

Q: Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s…

A: Solution: (10) Finished goods , Beginning balance  $35,000 Add : Cost of goods manufactures…

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.