Saved Ch.15 Job Costing Exercise Questions Check my work mode : This shows what is correct or incorrect for the work you have completed so 2 Starr Company reports the following information for August Raw materials purchased on account $78,200 Direct materials used in production $50, 600 Factory wages earned (direct labor) $20,450 Overhead rate 120 8 of direct labor cost 0.66 points 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. Answer is complete but not entirely correct. No Transaction General Journal Debit Credit A 1 Raw materials inventory Accounts payable 8,180 OO 81,800 B 2 Work in process inventory Raw materials inventory 50,800 50.800 3 Work in process inventory Factory wages payable 17,900 X 17.900 X D 4 Work in process inventory Factory overhead 23,270 X 23,270 X 3 Shire Computer's predetermined overhead rate is based on direct labor cost. Management estimates the company will incur $826,000 of overhead costs and $590,000 of direct labor cost for the year. During March, Shire began and completed Job 13- 1. What is the predetermined overhead rate for the year? 2. Use the information on the following job cost sheet to determine the total cost of the job. 0.68 points Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the predetermined overhead rate for the year? Choose Numerator: Estimated overhead cost $ 663,000 Overhead Rate Choose Denominator: Estimated labor cost S 510,000 X Overhead Rate Overhead rate 130% Regulmeli Required 2 Me eraw all