7. The following data on XYZ Corp workers idle time are as follows:Normal Idle TimeAbnormal Idle TimeWage Rate per hourHans, Factory supervisor 6Cielo, Factory laborerHeinthji, Factory laborer 82400822502250Required: Prepare the journal entry to record the idle time of the three workers.A feuph.instructure.com

The question is based on the concept of Cost Accounting.

Answered: 7. The following data on XYZ Corp…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required: Prepare the journal entry to record the idle time of the three workers.
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The weekly time records indicate the following distribution of labor hours for three direct labor employees: Hours Hours Hours Hours Process Job 560A Job 560B Job 560C Improvement Eva Leavitt 23 14 9 Micah Stone 10 18 11 Travis Hendrix 11 13 11 The direct labor rate earned per hour by the three employees is as follows: Leavitt Stone $18 25 21 4 N 3 Hendrix The process improvement category includes training, quality improvement, housekeeping, and other indirect tasks. a. Determine the amounts of factory labor costs transferred to Work in Process and Factory Overhead for the week. Factory labor costs transferred to Work in Process Factory labor costs transferred to Factory Overhead 2,568 X 155 X
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4. Selwyn's Service applied overhead on the basis of direct labor costs during the current year. Overhead applied as $16,500. Actual overhead incurred was $17,200. Prepare a journal entry to remove this difference from the factory overhead account assuming that it is not material.
A summary of the time tickets for the current month follows: Job No. Amount 100 $7,800 101 11,900 104 27,100 108 18,600 Indirect 8,500 111 4,400 115 3,200 117 15,800 Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - - Select - - Select -
7. The following data on XYZ Corp workers idle time are as follows: Normal Idle Time Abnormal Idle Time Wage Rate per hour Hans, Factory supervisor 6 Cielo, Factory laborer Heinthii, Factory laborer 8 2 400 8 2 250 2 250 Required: Prepare the journal entry to record the idle time of the three workers.
The Cavy Company accumulated 570 hours of direct labor on Job 456 and 810 hours on Job 777. The direct labor was incurred at a rate of $18 per direct labor hour for Job 456 and $21 per direct labor for Job 777. Journalize the entry to record the flow of labor costs into production. fill in the blank 2 fill in the blank 4
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4. Selwyn's Service applied overhead on the basis of direct labor costs during the current year. Overhead applied as $16,500. Actual overhead incurred was $17,200. Prepare a journal entry to remove this difference from the factory overhead account assuming that it is not material.
Automation Co. has the following activity for the month of June: June 1, Work in Process Direct materials used Direct labor assigned to jobs Manufacturing overhead assigned to jobs 20,000 $ 22,000 $ 28,000 $ 26,000 Two jobs were finished during June, Job 142 and 143 costing $38,000 and $20,000, respectively. The journal entry to record the completion of the two jobs would include a debit/credit to Work in Process for how much? Indicate debit as a positive amount and a credit as a negative amount. Enter without commas or dollar signs, rounded to the nearest whole number.
A-1

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