Solution:
Journal Entries:
Transaction | General Journal | Debit ($) | Credit ($) |
1. | Raw materials inventory | 85,800 | |
Accounts payable | 85,800 | ||
(To record the purchase of raw materials) | |||
2. | Work in process | 51,400 | |
Raw materials inventory | 51,400 | ||
(To record the direct materials used in production) | |||
3. | Work in process | 18,500 | |
Factory wages payable | 18,500 | ||
(To record direct labor used in production) | |||
4. | Work in process ($18,500 × 135%) | 24,975 | |
Factory overhead | 24,975 | ||
(To record the applied overhead) | |||
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Starr Company reports the following information for August. Raw materials purchased on account Direct materials used...
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