A summary of the time tickets for the current month follows: Job No. Amount 100 $3,270 101 2,710 104 4,970 108 5,720 Indirect labor 17,430 111 3,490 115 2,290 117 15,500 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 v Wages Payable 000

A summary of the time tickets for the current month follows: Job No. Amount 100 $3,270 101 2,710 104 4,970 108 5,720 Indirect labor 17,430 111 3,490 115 2,290 117 15,500 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 v Wages Payable 000

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 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?
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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.
A summary of the time tickets for August follows: Description Job 321 Job 329 Job 336 Job 342 Job 346 Indirect labor a. Amount 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. b. $11,000 9,200 5,000 8,300 5,700 8,000
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 fllows: Job 201 $3,650 Job 202 1,820 Job 203 1,440 Job 204 2,690 Factory supervision 1,250 Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $20 per direct labor hour. The direct labor rate is $15 per hour. If required, round final answers to the nearest dollar. 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
Entries and Schedules for Unfinished Jobs and Completed Jobs Kaymer Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations: Materials purchased on account, $31,150. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $3,100 $2,390 302 3,780 3,230 303 2,510 1,580 304 8,490 5,930 305 5,390 4,520 306 3,940 2,870 For general factory use 1,050 3,540 Factory overhead costs incurred on account, $5,920. Depreciation of factory machinery and equipment, $1,700. The factory overhead rate is $45 per machine hour. Machine hours used: Job Machine Hours 301 30 302 33 303 15 304 84 305 38 306 21 Total 221 Jobs completed: 301, 302, 303, and 305. Jobs were shipped and customers were billed as follows: Job 301, $8,210; Job 302, $10,190; Job 303, $13,820. Required: 1. Journalize…
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…
Entry for Factory Labor CostsThe weekly time tickets indicate the following distribution of labor hours for three direct labor employees: Hours Job 301 Job 302 Job 303 ProcessImprovementLandon Vincento 9 18 11 2 Fahad Hamad 11 15 13 1 Ivory Argo 8 20 9 3 The direct labor rate earned per hour by the three employees is as follows:Landon Vincento $35Fahad Hamad 36Ivory Argo 28The process improvement category includes training, quality improvement, and other indirect tasks.Question Content Areaa. 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 - Question Content Areab. 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…
Entry for Factory Labor Costs The weekly time tickets indicate the following distribution of labor hours for three direct labor employees: Hours Job 301 Job 302 Job 303 ProcessImprovement Tom Couro 23 10 9 5 David Clancy 13 13 13 3 Jose Cano 13 17 10 4 The direct labor rate earned per hour by the three employees is as follows: Tom Couro $18 David Clancy 25 Jose Cano 21 The process improvement category includes training, quality improvement, and other indirect tasks. 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. Work in Process Work in Process Factory Overhead Factory Overhead Wages Payable Wages Payable Feedback 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…
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.
Entries and Schedules for Unfinished Jobs and Completed Jobs Tybee Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations: Materials purchased on account, $2,160. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $2,000 $1,750 302 2,440 2,360 303 1,620 1,160 304 5,480 4,340 305 3,480 3,310 306 2,540 2,100 For general factory use 680 2,590 Factory overhead costs incurred on account, $3,820. Depreciation of machinery and equipment, $1,240. The factory overhead rate is $55 per machine hour. Machine hours used: Job Machine Hours 301 30 302 21 303 37 304 68 305 29 306 25 Total 210 Jobs completed: 301, 302, 303, and 305. Jobs were shipped and customers were billed as follows: Job 301, $6,480; Job 302, $7,150; Job 303, $13,960. Required: 1. Journalize the entries to…