On january 8, the end of the first weekly pay period of the year, regis company's employees earned $21,760 of office salaries and $70,840 of sales salaries. withholdings from the employees' salaries include fica social security taxes at the rate of 6.2%, fica medicare taxes at the rate of 1.45%, $13,060 of federal income taxes, $1,380 of medical insurance deductions, and $920 of union dues. no employee earned more than $7,000 in this first period. required: 1.1 calculate below the amounts for each of these four taxes of regis company. regis’s state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. the federal unemployment tax rate is 0.6%. 1.2 prepare the journal entry to record regis company's january 8 employee payroll expenses and liabilities. 2. prepare the journal entry to record regis’s employer payroll taxes resulting from the january 8 payroll. regis’s state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. the federal unemployment tax rate is 0.6%.

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Ida sidha karya company is a family-owned company located on the island of bali in indonesia. the company produces a handcrafted balinese musical instrument called a gamelan that is similar to a xylophone. the gamelans are sold for $860. selected data for the company’s operations last year follow: units in beginning inventory 0 units produced 320 units sold 285 units in ending inventory 35 variable costs per unit: direct materials $ 135 direct labor $ 355 variable manufacturing overhead $ 30 variable selling and administrative $ 15 fixed costs: fixed manufacturing overhead $ 64,000 fixed selling and administrative $ 27,000 the absorption costing income statement prepared by the company’s accountant for last year appears below: sales $ 245,100 cost of goods sold 205,200 gross margin 39,900 selling and administrative expense 31,275 net operating income $ 8,625 required: 1. under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? 2. prepare an income statement for last year using variable costing. what is the amount of the difference in net operating income between the two costing methods?

Harwood company uses a job-order costing system that applies overhead cost to jobs on the basis of machine-hours. the company's predetermined overhead rate of $2.50 per machine-hour was based on a cost formula that estimates $240,000 of total manufacturing overhead for an estimated activity level of 96,000 machine-hours. required: 1. assume that during the year the company works only 91,000 machine-hours and incurs the following costs in the manufacturing overhead and work in process accounts: compute the amount of overhead cost that would be applied to work in process for the year and make the entry in your t-accounts. 2a. compute the amount of underapplied or overapplied overhead for the year and show the balance in your manufacturing overhead t-account. 2b. prepare a journal entry to close the company's underapplied or overapplied overhead to cost of goods sold.