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 laborerHeinthii, Factory laborer 82400822502250Required: Prepare the journal entry to record the idle time of the three workers.

Particulars Classification Normal Idle Time Wage Rate per hour Cost Type Hans Factory Supervisor 6…

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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Entry for Factory Labor Costs A summary of the time tickets for the current month follows: Job No. Amount 100 $1,630 101 1,350 104 2,480 108 2,800 Indirect 8,690 111 1,710 115 1,120 117 7,590 Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9
A summary of the time tickets for October follows: Description Amount Description Amount Job No. 319 $10,000 Job No. 344 $8,500 Job No. 330 9,700 Job No. 346 5,800 Job No. 335 3,000 Indirect labor 8,600 (a) Present the journal entry to record the labor costs incurred. Account DR CR (b) Record the application of factory overhead to production for October. The factory overhead rate is 65% of direct labor cost. Please also show your calculation to maximize your points. Calculation: Account DR CR
Cavy Company accumulated 580 hours of direct labor on Job 456 and 900 hours on Job 999. The direct labor was incurred at a rate of $15 per direct labor hour for Job 456 and $22 per direct labor for Job 999. Journalize the entry for the flow of labor costs into production. If an amount box does not require an entry, leave it blank. Previous Next 9:05 PM 23 a 35°F A O 2) 11/29/2021
Entry for Factory Labor Costs A summary of the time tickets for the current month follows: Job No. Amount 100 $3,450 101 2,860 104 5,240 108 5,900 Indirect labor 18,390 111 3,600 115 2,360 117 15,990 Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank.
Entry for Factory Labor Costs A summary of the time tickets for the current month follows: Job No. Amount 100 $2,080 101 1,730 104 3,160 108 3,560 Indirect labor 11,090 111 2,170 115 1,420 117 9,650 Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank.
12.
Journalize the following labor-related transactions for Glamorous Glass Co. at its plant in Portland, Oregon. Assume that the labor has been incurred, but not yet paid. Plant janitor's wages Plant furnace operator's wages Glass blower's wages $ 610 880 76,000 Journalize the transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Prepare a single compound journal entry) Credit Date Accounts and Explanation Debit
11. Subject:- Accounting
Problem 15-3A (Algo) Computing and recording job costs; preparing income statement and balance sheet LO P1, P2, P3, P4 Skip to question [The following information applies to the questions displayed below.] Bergo Bay's accounting system generated the following account balances on December 31. The company’s manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Debit Credit Cash $ 77,000 Accounts receivable 46,000 Raw materials inventory 28,000 Work in process inventory 0 Finished goods inventory 9,000 Prepaid rent 3,000 Accounts payable $ 11,500 Notes payable 14,500 Common stock 30,000 Retained earnings (prior year) 92,000 Sales 189,000 Cost of goods sold 106,000 Factory overhead 28,000 General and administrative expenses 40,000 Totals $ 337,000 $ 337,000 These six…
The weekly time tickets indicate the following distribution of labor hours for three direct labor employees: Hours Process Job 301 Job 302 Job 303 Improvement Tom Couro 9 14 12 1 David Clancy 12 10 13 3 Jose Cano 13 15 17 3 The direct labor rate earned per hour by the three employees is as follows: Tom Couro $30 David Clancy 36 Jose Cano 26 The process improvement category includes training, quality improvement, and other indirect tasks. Required: a. Journalize the entry on July 15 to record the factory labor costs for the week. Refer to the chart of accounts for the exact wording of the account titles. b. Assume that Jobs 301 and 302 were completed but not sold during the week and that Job 303 remained incomplete at the end of the week. How would the direct labor costs for all three jobs be reflected on the financial statements at the end of the week?
Problem 15-3A (Algo) Computing and recording job costs; preparing income statement and balance sheet LO P1, P2, P3, P4 Skip to question [The following information applies to the questions displayed below.] Bergo Bay's accounting system generated the following account balances on December 31. The company’s manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Debit Credit Cash $ 77,000 Accounts receivable 46,000 Raw materials inventory 28,000 Work in process inventory 0 Finished goods inventory 9,000 Prepaid rent 3,000 Accounts payable $ 11,500 Notes payable 14,500 Common stock 30,000 Retained earnings (prior year) 92,000 Sales 189,000 Cost of goods sold 106,000 Factory overhead 28,000 General and administrative expenses 40,000 Totals $ 337,000 $ 337,000 These six…
The weekly time tickets indicate the following distribution of labor hours for three direct labor employees: Hours Job 301 Job 302 Job 303 ProcessImprovement Landon Vincent 17 13 9 4 Fahad Hamad 10 13 13 3 Ivory Argo 11 17 8 5 The direct labor rate earned per hour by the three employees is as follows: Landon Vincent $23 Fahad Hamad 17 Ivory Argo 20 The process improvement category includes training, quality improvement, and other indirect tasks. Question Content Area a. Journalize the entry to record the factory labor costs for the week. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - - Select - - Select -

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