Use the Following Information for the Questions

question 99

Essay

Use the following information for the questions:
The cost data for the Omega Manufacturing Company for the month of April 2019 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 u 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% 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:

Goods and Services

Physical items (goods) and intangible assistance or work (services) provided to satisfy the needs and wants of consumers.

Total Supply of Money

The total amount of monetary assets available in an economy at a specific time, including cash, bank deposits, and liquid assets.

Rates of Growth

The rate at which a variable such as output, income, or population expands over a specific period of time, usually expressed as a percentage.

Unemployment

The situation in which individuals who are willing and able to work are unable to find employment.