Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN: 9781947172609
Author: OpenStax
Publisher: OpenStax College
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Starr Company reports the following information for August.
Raw materials purchases $76,200
production
Factory wages earned
on account
Direct materials used in
$48,000
$15,350
120% of direct
labor cost
(direct labor)
Overhead rate
Required:
Prepare journal entries to record the following events.
1. Raw material purchased.
2. Direct materials used in production.
3. Direct labor used in production.
4. Applied overhead.
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Transcribed Image Text:Question: Starr Company reports the following information for August. Raw materials purchases $76,200 production Factory wages earned on account Direct materials used in $48,000 $15,350 120% of direct labor cost (direct labor) Overhead rate Required: Prepare journal entries to record the following events. 1. Raw material purchased. 2. Direct materials used in production. 3. Direct labor used in production. 4. Applied overhead.
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