A summary of the time tickets for the current month follows: Job No. 100 101 104 108 Indirect 111 115 117 Amount $3,500 6,650 21,900 14,440 9,100 8,620 2,760 18,550 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 Alpha-numeric input field

A summary of the time tickets for the current month follows: Job No. 100 101 104 108 Indirect 111 115 117 Amount $3,500 6,650 21,900 14,440 9,100 8,620 2,760 18,550 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 Alpha-numeric input field

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 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
A summary of material requisition slips and time tickets, along with the overhead allocation, show the following costs: Job No. MaterialRequisitionSlips FactoryLaborTimeTickets OverheadApplied 131 $505 $200 $80 132 235 260 104 133 380 160 64 134 325 320 128 Not job specific 60 160 0 $1,505 $1,100 $376 A. Prepare an entry to record the assignment of direct material to work in process. If an amount box does not require an entry, leave it blank. fill in the blank d3b310090003fc9_2 fill in the blank d3b310090003fc9_3 fill in the blank d3b310090003fc9_5 fill in the blank d3b310090003fc9_6 B. Prepare an entry to record the assignment of direct labor to work in process. If an amount box does not require an entry, leave it blank. fill in the blank 26a436ff9fa5f86_2 fill in the blank 26a436ff9fa5f86_3 fill in the blank 26a436ff9fa5f86_5 fill in the…
A firm uses job costing. Details of the three jobs worked on during a period are: JOB 11 Job 22 Job 33 $ $ Opening work in progress Direct materials in the period Direct labour in the period 22,760 O a. $61,894 O b. $65,084 O c. $66,360 O d. $68,952 4,620 12,125 3,190 11,660 10,520 14,335 7,695 Overheads are absorbed at 40% of prime cost in each period. Jobs 22 and 33 remained incomplete at the end of the period. What is the value of the closing Work in progress?
For the year ended December 31, 2022, the job cost sheets of Carla Vista Company contained the following data. Job Number 7640 7641 7642 Other data: 1. 2. 3. 4. 5. 6. 7. Explanation Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs Direct Materials. $29,500 35,400 12,980 50,740 68,440 Direct Labor $28,320 42,480 21,240 56,640 64,900 Manufacturing Overhead Total Costs 25,488 $91,804 $33,984 50,976 128,856 59,708 67.968 175,348 77,880 211.220 Raw materials inventory totaled $17,700 on January 1. During the year, $165,200 of raw materials were purchased on account. Finished goods on January 1 consisted of Job No. 7638 for $102,660 and Job No. 7639 for $108,560. Job No. 7640 and Job No. 7641 were completed during the year. Job Nos. 7638,7639, and 7641 were sold on account for $625,400. Manufacturing overhead incurred on account totaled $141,600. Incurred depreciation on factory machinery $9,440. Assigned indirect materials of $16,520 and indirect labor…
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 $6,240Job 202 7,000Job 203 5,210Job 204 6,750Factory supervision 4,000Factory 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.b. Journalize the entry to apply factory overhead to production for November.
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account with the job cost sheets. (Use a T-account.) ce a job cost sheet epare entries for acturing costs. E2-3 A job order cost sheet for Lowry Company is shown below. 3, 4, 5), AP Job No. 92 For 2,000 Units Direct Materials Direct Labor Manufacturing Overhead Date Beg. bal. Jan. 1 5,100 5,000 6,000 6,000 8 12 8,000 6,400 25 2,000 27 4,000 3,200 13,000 18,000 14,700 Cost of completed job: Direct materials Direct labor Manufacturing overhead $13,000 18,000 14,700 Total cost $45,700 Unit cost ($45,700 2,000) $22.85 Instructions (a) D On the basis of the foregoing data, answer the following questions. (1) What was the balance in Work in Process Inventory on January 1 if this was the only unfinished job? (2) If manufacturing overhead is applied on the basis of direct labor cost, what over- head rate was used in each year? (b) Prepare summary entries at January 31 to record the current year's transactions per- taining to Job No. 92. focturing cost data for Orlando Company, which uses a job…
eBook Recording Factory Labor Costs A summary of the time tickets for September is as follows: Job No. Amount Job No. Amount 4467 $8,300 4478 $29,980 4470 18,509 4480 33,532 4471 15,670 4497 21,995 Indirect labor 23,240 4501 5,976 a. Determine the amounts of factory labor costs transferred to Work in Process and Factory Overhead for September. Factory labor costs transferred to Work in Process $fill in the blank 1 Factory labor costs transferred to Factory Overhead $fill in the blank 2 b. Illustrate the effect on the accounts and financial statements of the factory labor costs transferred in (a). If no account or activity is affected, select "No effect" from the drop-down list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Balance Sheet Assets = Liabilities + Stockholders' Equity + = + fill in the blank 7 fill in the blank 8 fill in…
Harper Company uses a job order cost system. Journalize the entries for materials and labor, based on the following data:Raw materials issued: Job No. 609, $850; for general use in factory, $600Labor time tickets: Job No. 609, $1,600; $400 for supervision 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 fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18
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.