A summary of the time tickets for August follows: Description Job 321 Job 329 Job 336 Job 342 Job 346 Indirect labor Amount a. $11,000 9,200 5,000 8,300 5,700 8,000 Journalize the entries for (a) the labor cost incurred and (b) the application of factory overhead to production for August. The predetermined factory overhead rate is 70% of direct labor cost. If an amount box does not require an entry, leave it blank. 00 000

A summary of the time tickets for August follows: Description Job 321 Job 329 Job 336 Job 342 Job 346 Indirect labor Amount a. $11,000 9,200 5,000 8,300 5,700 8,000 Journalize the entries for (a) the labor cost incurred and (b) the application of factory overhead to production for August. The predetermined factory overhead rate is 70% of direct labor cost. If an amount box does not require an entry, leave it blank. 00 000

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Description: A summary of the time tickets for August follows:DescriptionJob 321Job 329Job 336Job 342Job 346Indirect labora.AmountJournalize the entries for (a) the labor cost incurred and (b) the application of factory overhead to production for August. The pre

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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A summary of the time tickets is as follows: Job No. Amount 55) $ 3,300 57) $6,105 58) $21,005 60) $15,500 Indirect $9,300 66) $9,430 67)$10,075 70) $4,380 Required: Journalize the entry on Dec. 31 to record the factory labor costs.
Entries for Direct Labor and Factory Overhead Townsend Industries Inc. manufactures recreational vehicles. Townsend uses a job order cost system. The time tickets from November jobs are summarized as follows: Job 201 $6,240 Job 202 7,000 Job 203 5,210 Job 204 6,7500 Factory supervision 4,000 Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $18 per direct labor hour. The direct labor rate is $40 per hour. a. Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank. Work in Process Factory Overhead Wages Payable b. Journalize the entry to apply factory overhead to production for November. If an amount box does not require an entry, leave it blank. Work in Process Factory Overhead
Entries and schedules for unfinished jobs and completed jobs Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations: Materials purchased on account, $147,000. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $ 19,320 $19,500 102 $ 23,100 28,140 103 $ 13,440 14,000 104 $ 38,200 36,500 105 $ 18,050 15,540 106 $ 18,000 18,700 For general factory use $ 9,000 20,160 Factory overhead costs incurred on account, $6,000. Depreciation of machinery and equipment, $4,100. The factory overhead rate is $40 per machine hour. Machine hours used: Job No. Machine Hours 101 154 102 160 103 126 104 238 105 160 106 174 Total 1,012 Jobs completed: 101, 102, 103, and 105. Jobs were shipped, and customers were billed as follows: Job 101, $62,900; Job…
Required information [The following information applies to the questions displayed below.] At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. At June 30 Direct materials. Direct labor Overhead applied Additional Information Job 5 $ 15,800 8,800 4,400 Job 6 $ 33,400 15,000 7,500 Job 7 $ 27,400 21,800 10,900 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $6,400; direct labor, $2,200; and applied overhead, $1,300. Job 5 was finished in June. Direct materials requisitioned in June b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. Required 1. What is the total cost of direct materials requisitioned in June?
During January, time tickets show that the factory labor of $6,000 was used as follows: Job 1 $2,200, Job 2 $1,600, Job 3 $1,400, and general factory use (indirect labor) $800.Prepare a summary journal entry to record factory labor used. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 31
Entries for Direct Labor and Factory Overhead Schumacher Industries Inc. manufactures recreational vehicles. Schumacher Industries uses a job order cost system. The time tickets from June jobs are summarized as follows: Job 11-101 Job 11-102 Job 11-103 Job 11-104 Job 11-105 Factory supervision Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $30 per direct labor hour. The direct labor rate is $14 per hour. $2,040 1,380 1,090 1,680 1,090 950 a. Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank. Work in Process Factory Overhead Wages Payable Work in Process Factory Overhead ✓ 7,280 950 ✓ b. Journalize the entry to apply factory overhead to production for June. If an amount box does not require an entry, leave it blank. 17.30 X 8,230 17.30 X
I think I'm doing this wrong but for unfinished jobs do I not add materials, labor, and overhead and the subtract the completed jobs from it?
Prepare the journal entry for (a) materials and (b) labor, based on the following: Raw materials issued: $850 for Job 609 $300 for general use in the factory Labor time tickets: $900 for Job 609 $325 for supervision
Instructions During May, Bergan Company accumulated 2,500 hours of direct labor costs on Job 200 and 3,000 hours on Job 305. The total direct labor was incurred at a rate of $28 per direct labor hour for Job 200 and $24 per direct labor hour for Job 305. Required: Journalize the entry to record the flow of labor costs into production during May. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
4
Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,500 and two jobs in process: Job No. 429 $2,000, and Job No. 430 $1,500. During May, a summary of source documents reveals the following. Job Number Materials Requisition Slips Labor Time Tickets 429 $2,500 $1,900 430 3,500 3,000 431 4,400 $10,400 7,600 $12,500 General use 800 1,200 $11,200 $13,700 Stine Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month. Prepare May 31 summary journal entries to record (1) the requisition slips, (2) the time tickets, (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Job No. 429. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Entries for Direct Labor and Factory Overhead Schumacher Industries Inc. manufactures recreational vehicles. Schumacher Industries uses a job order cost system. The time tickets from June jobs are summarized as follows: Job 11-101 Job 11-102 Job 11-103 Job 11-104 Job 11-105 $3,910 2,650 2,090 3,210 2,090 Factory supervision 1,810 Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $22 per direct labor hour. The direct labor rate is $15 per hour. a. Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank. b. Journalize the entry to apply factory overhead to production for June. If an amount box does not require an entry, leave it blank.