Entry for Factory Labor Costs A summary of the time tickets for the current month follows: Job No. Amount 100 $2,370 101 1,970 104 3,600 108 4,120 Indirect 12,630 111 2,510 115 1,650 117 11,170 Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank. Work in Process fill in the blank 2 fill in the blank 3 Factory Overhead fill in the blank 5 fill in the blank 6 Wages Payable fill in the blank 8
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
Entry for
A summary of the time tickets for the current month follows:
| Job No. | Amount |
| 100 | $2,370 |
| 101 | 1,970 |
| 104 | 3,600 |
| 108 | 4,120 |
| Indirect | 12,630 |
| 111 | 2,510 |
| 115 | 1,650 |
| 117 | 11,170 |
| Work in Process | fill in the blank 2 | fill in the blank 3 | |
| Factory |
fill in the blank 5 | fill in the blank 6 | |
| Wages Payable | fill in the blank 8 |
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 3 images
