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 ✓ 7,280 ✔ ✓ ✓ Factory Overhead 950 ✔ Wages Payable 8,230 ✓ Work in Process Factory Overhead ✓ 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 ✓ 17.30 X ✓ ✓ ✓

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 ✓ 7,280 ✔ ✓ ✓ Factory Overhead 950 ✔ Wages Payable 8,230 ✓ Work in Process Factory Overhead ✓ 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 ✓ 17.30 X ✓ ✓ ✓

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Description: Entries for Direct Labor and Factory OverheadSchumacher Industries Inc. manufactures recreational vehicles. Schumacher Industries uses a job order cost system. The time tickets from June jobs are summarized asfollows:Job 11-101Job 11-102Job 11-103Jo

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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The journal entry to record the Labor Time Tickets includes a debit to the Manufacturing Overhead account of what dollar amount? Materials Labor Requisition Time For Slips Tickets Job No. 429 $ 3,500 $ 4,400 Job No. 430 2,600 3,400 Job No. 431 3,400 4,200 Job No. 432 3,000 4,000 Sub-Total 12,500 16,000 General Use 1,000 1,500 Total Cost $ 13,500 17,500 $17,500 $1,500 $16,000 $13,500
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
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Job Costs Using Activity-Based Costing Heitger Company is a job-order costing firm that uses activity-based costing to apply overhead to jobs. Heitger identified three overhead activities and related drivers. Budgeted information for the year is as follows: Activity Cost Driver Amount of Driver Materials handling $88,800 Number of moves 4,000 Engineering 117,600 Number of change orders 8,000 Other overhead 174,800 Direct labor hours 46,000 Heitger worked on four jobs in July. Data are as follows: Job 13-43 Job 13-44 Job 13-45 Job 13-46 Beginning balance $23,400 $19,200 $4,700 $0 Direct materials $5,800 $9,600 $13,400 $10,100 Direct labor cost $950 $1,010 $1,590 $110 Job 13-43 Job 13-44 Job 13-45 Job 13-46 Number of moves 46 46 33 Number of change orders 35 37 17 23 Direct labor hours 950 1,010 1,590 110 By July 31, Jobs 13-43 and 13-44 were completed and sold. Jobs 13-45 and 13-46 were still in process.
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…
Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs: Work in Process Balance on 3/1 Job 33 $ 7,500 Job 34 6,000 $ 13,500 Source documents revealed the following during March: Materials Requisitions Forms Labor Time Tickets Status of Job at Month-End Job 33 $ 3,500 $ 6,500 Completed and sold Job 34 6,000 7,800 Completed, but not sold Job 35 4,200 3,250 In process Indirect 1,300 2,140 $ 15,000 $ 19,690 The company applies overhead to products at a rate of 150 percent of direct labor cost. Required: Prepare journal entries to record the materials requisitions, labor costs, and applied overhead. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.
Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: Materials purchased on account, $604,590. Materials requisitioned, $507,860, of which $66,020 was for general factory use. Factory labor used, $622,730, of which $118,320 was indirect. Other costs incurred on account for factory overhead, $145,100; selling expenses, $223,700; and administrative expenses, $133,010. Prepaid expenses expired for factory overhead were $27,810; for selling expenses, $23,580; and for administrative expenses, $16,930. Depreciation of factory equipment was $27,810; of office equipment, $41,110; and of office building, $81,020. Factory overhead costs applied to jobs, $344,620. Jobs completed, $798,060. Cost of goods sold, $773,880. Required: Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank. a. Materials purchased…
Oxford Company uses a job order costing system. This month, the system accumulated labor time tickets totaling $24,600 for direct labor and $4,300 for indirect labor. The journal entry to record direct labor consists of a: Multiple Choice Debit Payroll Expense $24,600; credit Cash $24,600. Debit Payroll Expense $24,600; credit Factory Wages Payable $24,600. Debit Work in Process Inventory $24,600; credit Factory Wages Payable $24,600. Debit Work in Process Inventory $28,900; credit Factory Wages Payable $28,900. Debit Work in Process Inventory $4,300; credit Factory Wages Payable $4,300.
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 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, $30,580. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $2,980 $2,560 302 3,640 3,460 303 2,410 1,690 304 8,170 6,350 305 5,190 4,840 306 3,780 3,070 For general factory use 1,010 3,790 Factory overhead costs incurred on account, $5,690. Depreciation of factory machinery and equipment, $1,820. The factory overhead rate is $55 per machine hour. Machine hours used: Job Machine Hours 301 39 302 27 303 34 304 74 305 30 306 18 Total 222 Jobs completed: 301, 302, 303, and 305. Jobs were shipped and customers were billed as follows: Job 301, $9,220; Job 302, $10,300; Job 303, $17,310. Required: 1. Journalize the entries to record the summarized operations. If an…
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.
Applying Overhead to Jobs, Costing Jobs Jagjit Company designs and builds retaining walls for individual customers. On August 1, there were two jobs in process: Job 93 with a beginning balance of $8,810 and Job 94 with a beginning balance of $7,320. Jagjit applies overhead at the rate of $10 per direct labor hour. Direct labor wages average $16 per hour. Data on August costs for all jobs are as follows: Job 93 Job 94 Job 95 Job 96 Direct materials $1,000 $4,550 $3,310 $1,300 Direct labor cost 1,600 4,800 2,560 800 During August, Jobs 95 and 96 were started. Job 93 was completed on August 17, and the client was billed at cost plus 40%. All other jobs remained in process. Required: 1. Calculate the number of direct labor hours that were worked on each job in August. Job 93 fill in the blank fe4a4a013fdefc1_1 DLH Job 94 fill in the blank fe4a4a013fdefc1_2 DLH Job 95 fill in the blank fe4a4a013fdefc1_3 DLH Job 96 fill in the blank fe4a4a013fdefc1_4 DLH 2.…