7) A company that manufactures metalstorage tanks paid $20,000 in cash for thewages of metalworkers who create the metalstorage tanks in the factory.What should be included in the journal entrynecessary to record this payment of wages tothe metalworkers?Credit to finished goods inventory for$20,000.○ Debit to work-in-process inventory for$20,000.O Debit to finished goods inventory for$20,000.Credit to work-in-process inventory for$20,000.

Step 1:Metal workers who are building the metal storage tanks in the factory are considered as…

Answered: 7) A company that manufactures metal…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 11EB: Prepare the journal entry to record the factory wages of $25,000 incurred in the processing...

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Kline Manufacturing has the following labor costs. Factory - Gross wages = $195,000 Factory - Net wages = $160,000 Employer Payroll Taxes Payable = $25,000 The entry to record the cost of factory labor and the associated payroll tax expense will include a debit to Factory Labor for what amount?
Info in images Prepare journal entries to record the preceding transactions. The raw materials were purchased for use in production, $265,000 on account. Note: Enter debits before credits. Transaction General Journal Debit Credit a. The raw materials used in production (all direct materials), $250,000. Note: Enter debits before credits. Transaction General Journal Debit Credit b. The utility bills were incurred on account, $72,000 (85% related to factory operations, and the remainder related to selling and administrative activities). Note: Enter debits before credits. Transaction General Journal Debit Credit c. The salary and wage costs accrued were $295,000 (Direct labor), $103,000 (Indirect labor), $175,000 (Selling and administrative salaries). Note: Enter debits before credits. Transaction General Journal Debit Credit d. The maintenance…
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Kline Manufacturing has the following labor costs: Factory-Gross wages Factory Net wages Employer Payroll Taxes Payable O $470,000. The entry to record the cost of factory labor and the associated payroll tax expense will include a debit to Factory Labor for O $450,000. O $550,000. O $500,000. — $500,000 420,000 50,000
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