A chemical factory manufactures three kinds of chemicals namely Eucalyptus oil, Hexachlorobenzen and Toxaphene. In the last week of December 2022, the records were: Labor Grade I II III IV No of Employees 12 36 8 2 Components Eucalyptus oil Hexachlorobenzen Toxaphene Rate per hour (Rs.) 40 32 28 16 Output and standard times during the same week were as follows: Output (In Units) 888 1800 960 Hours Worked by each employee 40 42 40 44 Standard Minutes for each unit 30 54 66 Normal working hours per week are 38. Overtime is paid at the premium of 50 % of the normal hour rate. Group Incentive Scheme: A group incentive scheme is in operation. The time saved is expressed as a percentage of hours worked and is shared between the group as a proportion of the hours worked by each grade. The incentive rate is 75% of the normal hour rate. Required: Prepare the payroll for the last week of December 2022 showing the basic pay, overtime and incentive amount as separate totals for each grade of labor.

A chemical factory manufactures three kinds of chemicals namely Eucalyptus oil, Hexachlorobenzen and Toxaphene. In the last week of December 2022, the records were: Labor Grade I II III IV No of Employees 12 36 8 2 Components Eucalyptus oil Hexachlorobenzen Toxaphene Rate per hour (Rs.) 40 32 28 16 Output and standard times during the same week were as follows: Output (In Units) 888 1800 960 Hours Worked by each employee 40 42 40 44 Standard Minutes for each unit 30 54 66 Normal working hours per week are 38. Overtime is paid at the premium of 50 % of the normal hour rate. Group Incentive Scheme: A group incentive scheme is in operation. The time saved is expressed as a percentage of hours worked and is shared between the group as a proportion of the hours worked by each grade. The incentive rate is 75% of the normal hour rate. Required: Prepare the payroll for the last week of December 2022 showing the basic pay, overtime and incentive amount as separate totals for each grade of labor.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Zapora Bhd manufactured smart watches. In November 2021, Zapora produced 2,200 watches with the following costs: Direct Materials $32,000 Direct Labour $13,000 Manufacturing Overheads $27,000 Additional information: There is no opening or closing stock of work-in-progress (WIP) during the month of November. Calculate the Prime Costs for November 2021. Select one: a.$45,000 b. $40,000 c. $72,000 d. $32,000
Accenture Chemicals has the following data relating to its factory in the year ended 31 December 2020: · Direct material costs OMR 500 · Direct labour cost OMR 250 The total indirect expenses for the factory are OMR 30,000. There were 5,000 labour hours worked and 25,000 machine hours consumed in the factory in the year 2020. Compute the overhead rate based on direct labour hour. a. OMR 6.000/hour b. OMR 6.150/hour c. None of these d. OMR 1.000/hour Clear my choice
The manufacturing cost of XYZ Company during October includes prime costs of OMR85,000. The manufacturing overhead is 20% of the month's total manufacturing costs. If beginning work in process was OMR25,000 and ending work in process is OMR39,000, the cost of goods manufactured is:
Applying Factory Overhead Salinger Company estimates that total factory overhead costs will be $90,000 for the year. Direct labor hours are estimated to be 15,000. a. For Salinger Company, determine the predetermined factory overhead rate using direct labor hours as the activity base. If required, round your answer to two decimal places. $4 per direct labor hour b. During May, Salinger Company accumulated 660 hours of direct labor costs on Job 200 and 620 hours on Job 305. Determine the amount of factory overhead applied to Jobs 200 and 305 in May. $4 c. Prepare the journal entry to apply factory overhead to both jobs in May according to the predetermined overhead rate. If an amount box does not require an entry, leave it blank. 88
A micro brewery has provided the following information for last month. The inputs into Process 1 last month were: Materials Labour and Overhead The normal loss Losses are sold for € 0.50 per kg. Actual output 1,650 kg Which accounting entry is correct? (round calculations to two decimal places) Select one: O a. 2,000 kgs @ €1.60 per kg € 800 10%. Dr Abnormal Loss Account € 250.00 Cr Profit and Loss Account €250.00 O b. Dr Profit and Loss Account € 250.00 Cr Abnormal Loss Account €250.00 Dr Abnormal Loss Account €325.00 Cr Profit and Loss Account € 325.00 d. Dr Profit and Loss Account € 325.00 Cr Abnormal Loss Account €325.00
Write the journal entry of numbers 5 to 8
A factory manufactures three components: A, B and C. Last week the following was recorded: Number of Labour Grade Employees Rate per hour Individual hours worked I 16 4 40 II 28 3.2 42 III 14 2.8 40 IV 10 1.6 44 Output and standard times during the same week were as follows: Components Output Standard minute(each) A 454 30 В 950 54 C 580 66 The normal working week is 136,800 seconds. Overtime is paid at a premium of 50% of the normal hourly rate. A group incentive scheme is in operation. A bonus is paid for time saved (i.e. where actual production time is less than the standard time allowed). The time saved is expressed as a percentage of hours worked and is shared between the groups as a proportion of the hours worked by each grade at a rate of 75% of the normal hourly rate. Required: a) What are the differences between time rate system and piece rate system? b) What do you understand by Incentive scheme of wage payment? c) Calculate the total payroll showing the basic pay, overtime…
The cost of goods manufactured for the month was:
27) Metalica Company applies overhead based on machine hours. At the beginning of 20x1, the company estimated that manufacturing overhead would be $500,000, and machine hours would total 20,000. By 20xl year-end, actual overhead totaled $525,000, and actual machine hours were 25,000. On the basis of this information, the 20x1 predetermined overhead rate was: A) S20 per machine hour. B) S0.05 per machine hour. O $0.04 per machine hour. D) $25 per machine hour. E) $21 per machine hour.
Submit UOJPBY781 Corp.s manufacturing overhead for the year was estimated to be $783,200 at the begining of the year. O Quiz Tools At the end of the year, UOJPBY781's actual direct labor-hours for the year were 36,260 hours. (ID#65031) UOJPBY781's actual manufacturing overhead for the year was $760,000. 100% UOJPBY781's manufacturing overhead for the year was overapplied by $37,720. Collapse Q.) If UOJPBY781's predetermined overhead rate is based on direct labor-hours, then the estimated direct labor-hours at the beginning of the year used in the predetermined overhead rate must have been: (Round your intermediate calculations to 2 decimal places.) Multiple Choice 32,831 direct labor-hours 36,260 direct labor-hours 35,600 direct labor-hours MacBook Air ...