a C. . e. Starwood Company purchases $650,000 in materials on account. b. Starwood Company incurs $275,000 in factory labor costs paid in cash. Starwood Company's manufacturing overhead consisted of depreciation on equipment for $275,000 and miscellaneous costs of $135,000 incurred on account d. Starwood Company assigns materials to production: $245,000 for Job 101, $190,000 for Job 102, and $105,000 for general use. Starwood Company assigns labor to production : $135,000 for Job 101, $95,000 for Job 102, and $45,000 for general use f. Compute applied manufacturing overhead as 200% of direct labor costs. Record entry for applied manufacturing overhead. B. Record entry for completed cost of goods manufactured for Job 101. h. Starwood Company sells Job 101 for $975,000 cash. Record sales entry which includes cost of goods sold for Job 101. i. Record the entry to close-out the over- or under-applied manufacturing overhead amount at the end of the period. 1. Prepare journal entries in proper format for Starwood Company. a. Account Name Debit Credit Starwood Company purchases $650,000 in materials on account. b. Account Name Debit Credit Starwood Company incurs $275,000 in factory labor costs paid in cash. Account Name Debit Credit Starwood Company's manufacturing overhead consisted of depreciation on equipment for $275,000 and miscellaneous costs of $135,000 incurred on account Account Name Debit Credit Starwood Company assigns materials to production: $245,000 for Job 101, $190,000 for Job 102, and $105,000 for general use. Account Name Debit Credit Starwood Company assigns labor to production : $135,000 for Job 101, $95,000 for Job 102, and $45,000 for general use Account Name Debit Credit Compute applied manufacturing overhead as 200% of direct labor costs. Record entry for applied manufacturing overhead. Account Name Debit Credit Compute applied manufacturing overhead as 200% of direct labor costs. Record entry for applied manufacturing overhead. Account Name Debit Credit Record entry for completed cost of goods manufactured for Job 101. Account Name Debit Credit Starwood Company sells Job 101 for $975,000 cash. Record sales entry which includes cost of goods sold for Job 101. Account Name Debit Credit Record the entry to close-out the over- or under-applied manufacturing overhead amount at the end of the period