the template on blackboard is the same template used in any journal entry, balance sheet, income statement, etc.

rowie Star Company manufactures men clothing. It uses a job costing system that allocates factory overhead on the Oasis of direct labor-hours, Budgeted factory overhead for the vear 2019 was $1.320.000, and management budgeted 65,000 direct labor-hours. The company's tax is 21 % (Round income tax to the nearest dollar). Below is Howie Star trial balance at the beginning of September 2019. Debit Credit Cash.. $24,600 Accounts Receivable...... 18,070 Materials Control 14,400 Work in process Control...... 4,300 Finished Goods Control. 8,900 Prepaid factory insurance.... 3.600 Machinery and Equipment.... 40,000 Accumulated depreciation. $15,370 Accounts payable..... 8,000 Capital stock..... 71,500 Retained earnings......... 19.000 Total $113.870 $113.870 The following transactions are for September 2019: Sept 1. Purchased 5,000 yards of materials on account at $10 per yard 2. Paid factory utility bill, $5,230 in cash. 3. Borrowed $120,000 from XYZ Bank on a note payable. 5. Purchased on account 50 spools of thread at S8 per spool (indirect material). 7. Requisitioned 3,500 yards of materials and 10 spools of thread for production. 20. Record a bill for restructuring cost for $3,500. This amount has not yet been 25. Incurred research & development expense on account, $4.500. 28. Incurred factory payroll costs of $123,015 (not yet paid). Of this amount, $45,000 were indirect labor costs and the remainder direct labor costs. Direct labor workers earned $21 per hour. 29. Paid for factory janitorial services, S9.000 29. Incurred selling expense on account, $10,500. 30. Declared and paid a $1,500 cash dividend. 30. Record S1,200 of depreciation on factory machinery and equipment for September. 30. Allocated factory overhead to production on the basis of direct labor-hours. 30. Paid cash for administrative expenses, $25,300. 30. Goods costing $106,000 were completed and transferred to the storeroom. 30. Sales on account for September were $152,200. The cost of goods sold was $72,000. 30. Record $700 depreciation on office equipment for September. 30. Customers paid $100,500 on account. 30. Paid payroll, $123,015. 30. Paid accounts payable, 45,000. 30. Prepaid factory insurance expired, $1,200. 30. Accrue $1,050 interest expense. 30. Calculate the overallocated or underallocated ... cated or underallocated overhead and close this amount to the cost of Goods Sold Required 1. Compute the company's factory overhead allocation rate for the year. 2. Prepare journal entries to record September transactions. Explanations are notre ecord September transactions. Explanations are not required. If needed round numbers to the nearest dollar. Skin a line after each completed journal entry. 3. Post the journal entries to the appropriate general ledger accounts. 4. Prepare a trial balance for September 2019. 0. Prepare a multiple-step income statement and a classified balance sheet for September 2019. 1. Print and submit the general tournal.eneral ledger, trial balance income statement and balance sheet. Attach these documents to this project sheet with the team members' names. 8. Also, email me your Excel income statement and balance sheet only on or before the due date. Note: 1. The general journal, general ledger, trial balance, multiple-step income statement and classified balance sheet must be completed in the templates located in the "Project" folder on Blackboard. 2. Grading of the project will be based on: 1. Accuracy of your journal, ledger, trial balance and financial statements 2. Neatness and formatting of your Excel income statement and balance sheet 3. Use of formulas in your Excel financial statements. Do not use .00 after each number, or color your work. Also, do not use excessive S signs on your financial statements. This Project is due Wednesday November 13, 2019