Ch15 Case Study Assignment - Part 2 a. Starwood Company purchases $650,000 in materials on account. b. Starwood Company incurs $275,000 in factory labor costs paid in cash. C. 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. e. 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. g. 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. 2. Instructions for Posting (200 to 300 words - 60pts): a. Provide an explanation and example for Direct Labor and Indirect Labor. b. Explain the difference between Actual Manufacturing Overhead incurred and estimated Applied Manufacturing Overhead. c. Describe the Work-in-Process Inventory Account and include: 1- What transactions include a debit to the Work-in-Process Inventory Account. 2- What transactions include a credit to the Work-in-Process Inventory Account. * Upload and attach your completed excel file to your posting