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Ch 15 Ex 2 i 1 7 points Mc eBook 101 Hint Print References Starr Company shows the following information for the month. Raw materials purchased on credit Direct materials used Direct labor used Overhead rate Prepare journal entries to record the following. 1. Raw materials purchased. 2. Direct materials used. 3. Direct labor used. 4. Applied overhead. View transaction list Journal entry worksheet A B C D Record raw materials purchased on account. Note: Enter debits before credits. Transaction 1 Record entry General Journal $ 82,600 $ 48,400 $ 16,850 Clear entry 135% of direct labor cost Debit Credit View general journal >

Ch 15 Ex 2 i 2 7 points eBook tot Hint Print A References Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materials of $8,600, direct labor of $3,200, and applied overhead of $2,720. Custom Cabinetry applies overhead at the rate of 85% of direct labor cost. During July, Job 120 is sold (on credit) for $30,000, Job 121 is started and completed, and Job 122 is started and still in process at the end of July. Custom Cabinetry incurs the following costs during July. Direct materials used Direct labor used Job 120 $ 2,800 2,800 1. Prepare journal entries for the following July transactions and events a through e. a. Direct materials used. b. Direct labor used. c. Overhead applied. d. Sale of Job 120. e. Cost of goods sold for Job 120. Hint. Job 120 has costs from June and July. Required 1 Required 2 2. Compute the July 31 balances of the Work in Process Inventory and the Finished Goods Inventory accounts. (There were no jobs in Finished Goods Inventory at June 30.) Complete this question by entering your answers in the tabs below. View transaction list Prepare journal entries for the following July transactions and events a through e. Journal entry worksheet 1 Job 121 $ 8,500 3,800 2 3 Job 122 $3,000 3,600 4 5 Saved Record the entry to assign direct materials to job. >

Ch 15 Ex 2 3 7 points eBook Print References The following information is available for a custom manufacturer. Inventories Raw materials, beginning Work in process, beginning Finished goods, beginning Cost of goods manufactured Cost of goods sold (not considering over- or underapplied overhead) Sales Predetermined overhead rate based on direct materials used $ 39,800 14, 200 10,550 97,090 Required 1 Required 2 85,000 101,800 80% Finished Goods Inventory Costs incurred for the period Raw materials purchases Direct materials used Direct labor used Factory overhead (actual) Complete this question by entering your answers in the tabs below. 1. Complete the T-accounts for each of the three inventory accounts using the data provided in the above table. 2. Compute overapplied or underapplied overhead. Indirect materials used Indirect labor used Other overhead costs Saved Complete the T-accounts for each of the three inventory accounts using the data provided in the above table. Raw Materials Inventory < Required 1 Work in Process Inventory Required 2 > $ 20,260 46,850 24,600 11,100 18, 200 6,100

Ch 15 Ex 2 4 Sofía Gomez runs a mobile pet grooming service. She charges $30 direct labor per grooming hour. She applies overhead to jobs on the basis of grooming hours. She predicts 1,000 grooming hours for the year. Her estimated overhead costs for the year follow. 7 points eBook Print References Van depreciation Van maintenance $9,700 Van insurance expense 1,600 Indirect materials 1. Predetermined overhead rate 2. Total job cost 3. Price quote Saved $ 1,200 Tool depreciation 800 Other overhead $ 550 1,150 1. Compute the predetermined overhead rate using estimated grooming hours. 2. Sofía has been asked to groom 3 large dogs. She expects this job to require a total of 9 direct labor grooming hours. Compute her total cost (direct labor plus applied overhead) for this job. 3. If Sofía targets a markup of 20% on the total cost for each job, what price should she quote for the job in part2?