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Starr Company reports the following information for August. Raw materials purchased on accounts $83,800 Direct materials used in production Factory wages paid (direct labor) $50,600 $17,750 124% of direct labor cost Overhead rate 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. Transaction General Journal Debit Credit 1

Starr Company reports the following information for August. Raw materials purchased on accounts $83,800 Direct materials used in production Factory wages paid (direct labor) $50,600 $17,750 124% of direct labor cost Overhead rate 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. Transaction General Journal Debit Credit 1

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Starr Company reports the following information for August. Raw materials purchased on accounts $83,800 Direct materials used in production Factory wages paid (direct labor) $50,600 $17,750 124% of direct labor cost Overhead rate 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. Transaction General Journal Debit Credit 1
Transcribed Image Text:Starr Company reports the following information for August. Raw materials purchased on accounts $83,800 Direct materials used in production Factory wages paid (direct labor) $50,600 $17,750 124% of direct labor cost Overhead rate 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. Transaction General Journal Debit Credit 1
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