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mamaluj [8]
3 years ago
11

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.
Business
1 answer:
il63 [147K]3 years ago
4 0

Answer:

1. Raw materials purchased.

Raw Materials Account $ 76,200 (debit)

Account Payable $ 76,200 (credit)

2. Direct materials used in production.

Work In Progress Account $48,000 (debit)

Raw Materials Account $48,000 (credit)

3. Direct labor used in production.

Work In Progress Account $15,350 (debit)

Wages and Salaries $15,350 (credit)

4. Applied overhead.

Work In Progress Account $18,360 (debit)

Manufacturing Overhead Account $18,360 (credit)

Explanation:

1. Raw materials purchased.

Raw Materials Account $ 76,200 (debit)

Account Payable $ 76,200 (credit)

Recognise the Assets of Raw Materials and a Liability - Account Receivable

2. Direct materials used in production.

Work In Progress Account $48,000 (debit)

Raw Materials Account $48,000 (credit)

De-recognise the Raw Materials used in production and recognise the cost in Work In Progress Account

3. Direct labor used in production.

Work In Progress Account $15,350 (debit)

Wages and Salaries $15,350 (credit)

Recognise the labor cost in Work In Progress Account and de-recognise the Wages and Salaries Account with the amount applied to production

4. Applied overhead.

Work In Progress Account $18,360 (debit)

Manufacturing Overhead Account $18,360 (credit)

De-recognise the Manufacturing Overheads used in production and recognise the cost in Work In Progress Account

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Answer:

146

Explanation:

The computation is shown below

<u>Particulars       Surgical         Surgical     Rehab                Rehab    </u>

<u>                         Equipment    Supplies    Equipment        Supplies</u>

Cost (A)              151                    103            256                    153

Selling price       272                  135            342                    153

Less:

cost to sell            18                   10                 18                    7

Net realizable

value (B)                254             125                   324             146

<u>Lower of A & B     151                 103                256                146</u>

7 0
3 years ago
he 2014 balance sheet of Jordan’s Golf Shop, Inc., showed long-term debt of $2.7 million, and the 2015 balance sheet showed long
ICE Princess25 [194]

Answer: $1,311,000

Explanation:

Operating Cashflow = Cashflow from Assets + Capital spending + changes in Net working capital

Cashflow from Assets = Cashflow to Creditors + Cashflow to Stakeholders

Cashflow to Creditors = Interest paid - Change in long term debt

=  140,000 - (2,950,000 - 2,700,000)

=  -$110,000

Cashflow to Stakeholders

= Dividends paid - New equity issue

= 500,000 - ((500,000 + 3,500,000) - (460,000 + 3,200,000))

= $160,000

Cashflow from Assets = -110,000 + 160,000

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6 0
2 years ago
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The MR = MC rule C. applies only to pure monopoly.

<h3>What is monopoly?</h3>

It should be noted that monopoly simply means the only seller of a good to service in the market.

In this case, the MR = MC rule applies only to pure monopoly.

In conclusion, the correct option is C.

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Answer:

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8 0
3 years ago
When the demand for smartphones increased in Preteresia, a country in Eastern Europe, the smartphone manufacturers started impor
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Based on the actions of Preteresia , we can infer that this scenario best describes <u>Global Convergence</u>.

<h3>What is Global Convergence?</h3>
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Preteresia in helping Abresia build those facilities, is engaging in global convergence because the industries in both countries are being integrated to allow for more efficient smartphone manufacturing.

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