The Cost Data for the Omega Manufacturing Company for the Month

question 2

Essay

The cost data for the Omega Manufacturing Company for the month of April 2016 is given below.
(a. )Raw materials and supplies costing $34,000 were purchased.
(b. )The summary of materials requisitions shows that materials and supplies costing $30,900 were issued for use in jobs.Direct materials accounted for $28,000,and the balance consisted of indirect materials and supplies.
(c. )The payroll summary shows that direct labor costs were $15,000 and indirect labor costs were $3,000.Social security tax withheld was $1,116,Medicare tax withheld was $261,and income tax deductions were $1,550.
(d. )Manufacturing overhead of $6,200 was incurred in addition to indirect materials and indirect labor (credit Accounts Payable).
(e. )The predetermined overhead application rate is 75 percent of direct labor costs.
(f. )The summary of completed jobs shows that the cost of these jobs amounted to $39,600.
(g. )The summary of sales invoices shows that goods costing $32,000 were sold on credit for $51,000.
Record the necessary entries on page 8 of a general journal.Omit descriptions.

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Definitions:

Homosexual

Referring to people who are sexually aroused by, and interested in forming romantic relationships with, people of the same gender.

Asexual

Refer to individuals who experience little to no sexual attraction to others, irrespective of gender.

Positive Psychology

The field of psychology that is about personal well-being and satisfaction; joy, sensual pleasure, and happiness; and optimism and hope for the future.

Personal Well-Being

Personal well-being is the overall state of an individual's emotional, psychological, and social health and happiness.