Entry for Factory Labor Costs A summary of the time tickets is as follows: Job No. Amount 100 $3,350 101 2,780 104 5,090 108 5,800 Indirect 17,860 111 3,540 115 2,320 117 15,720 Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank.

Entry for Factory Labor Costs A summary of the time tickets is as follows: Job No. Amount 100 $3,350 101 2,780 104 5,090 108 5,800 Indirect 17,860 111 3,540 115 2,320 117 15,720 Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank.

Name: Entry for Factory Labor CostsA summary of the time tickets is as foll
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Description: Entry for Factory Labor CostsA summary of the time tickets is as follows:Job No.Amount100$3,3502,7805,0905,80017,8603,5402,32015,720101104108Indirect111115117Journalize the entry to record the factory labor costs. If anamount box does not require an

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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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.
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: Balance on 3/1 $ 7,500 6,000 $ 13,500 Source documents revealed the following during March: Materials Requisitions Forms $ 3,500 6,000 4,200 1,300 $ 15,000 Work in Process Job 33 Job 34 Labor Time Tickets $ 6,500 7,800 3,250 2,140 $ 19,690 The company applies overhead to products at a rate of 150 percent of direct labor cost. Job 33 Job 34 Job 35 Indirect 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. View transaction list Journal entry worksheet 1 2 Transaction a Record the issuance of raw materials to production. Note: Enter debits before credits. 3 Record entry Status of Job at Month-End Completed and sold…
Manufacturing cost data for Sunland Company, which uses a job order cost system, are presented below.Indicate the missing amount for each letter. Assume that in all cases manufacturing overhead is applied on the basis of direct labor cost and the rate is the same. (Round overhead rate to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,275.) Case A Case B Work in process 1/1/22 $enter a dollar amount (a) $14,570 Direct materials used enter a dollar amount (b) $78,020 Direct labor 47,000 131,600 Manufacturing overhead applied 39,480 enter a dollar amount (d) Total manufacturing costs 136,911 enter a dollar amount (e) Total cost of work in process 189,410 enter a dollar amount (f) Work in process 12/31/22 enter a dollar amount (c) 11,092 Cost of goods manufactured 180,762 enter a dollar amount (g)
A summary of the time tickets for the current month follows: Job No. Amount 100 $7,800 101 11,900 104 27,100 108 18,600 Indirect 8,500 111 4,400 115 3,200 117 15,800 Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - - Select - - Select -
Megco Inc.uses the Job Cost System to value inventory and cost of goods sold. During the month of Feb. the following jobs were started and costs incurred: JOB MATL. COST LABOR COST OVER-HEAD TOTAL 101 2,000 3,000 10,000 15,000 102 3,000 4,500 12,000 19,500 103 1,100 3,000 6,000 10,100 104 700 1,200 3,000 4,900 105 500 3,500 6,000 10,000 Jobs 101,102 and 104 were completed during the month. Jobs 101 and 104 were sold for a total of $30,000. + a. Show in total how the jobs cost moved through the accounts below and provide the ending balance in each account. WORK IN PROCESS INVENTORY FINISHED GOODS INVENTORY I b. What is the Gross Profit for the month? COST OF GOODS SOLD
Refer to the previous question. Give the journal entry to adjust the Manufacturing Overhead account for overallocated or underallocated overhead. Reference Question. If a company incurred $5,250 in actual overhead costs and allocated $5,575 to jobs, was the overhead overallocated or underallocated? By how much?
Entry for Factory Labor Costs The weekly time tickets indicate the following distribution of labor hours for three direct labor employees: Hours Process Job 301 Job 302 Job 303 Improvement Tom Couro 17 14 David Clancy 12 16 14 2 Jose Cano 13 15 11 6 The direct labor rate earned per hour by the three employees is as follows: Tom Couro $24 David Clancy 19 Jose Cano 22 The process improvement category includes training, quality improvement, housekeeping, and other indirect tasks. (Note: Ignore any overtime issues, if applicable.) 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 Factory Overhead Wages Payable v Feedback
Problem 3 J.A.N., Inc. uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of P 3,500 and two jobs in process, Job No. 101 P2,000 and Job 102 P1,500. During May, a summary of source documents reveals the following. Materials Labor Job Number 101 Requisition Slips P 2,500 3,500 4,600 Time Tickets P 2,900 102 h3,000 103 5.800 P 11,700 1,200 P 12,900 J.A.N Company applies manufacturing overhead to jobs at an overhead rate of 80% of direct labor cost. Job No. 101 is completed during the month. 10,600 800 P 11.400 Generah use Total Instructions: 1. Prepare summary journal entries to record a) The requisition slips b) The time tickets c) The completion of Job No 101
XYZ Equipment In. receives order from Shiraz Consultant Clinic on 15th August. The company started its production on 18th of August and completed in 25th of August. The company collects its cost and revenue data by the job order cost accumulation procedure. For job number 505, the following data are available: Direct material Direct Labor FOH-Applied Date REQ. NO: Amount Rs. Date Hours Cost Rs. Rs. 30 for each direct labor hours 8/18 400 4000 8/18 30 600 ? 8/19 600 6000 8/19 40 800 8/25 1000 10000 8/21 35 700 Total 20000 8/23 50 1000 8/25 60 1200 Total 4300 Other Information: Total Sales are 30% above cost. Marketing and selling expenses Rs. 1000 Administrativeexpenses 1500. Required Enter the appropriate information on a job order cost sheet.
TB MC Qu. 15-121 (Algo) Oxford Company uses a job order... Oxford Company uses a job order costing system. In the last month, the system accumulated labor time tickets totaling $25,500 for direct labor and $5,200 for indirect labor. The journal entry to record indirect labor consists of a: Multiple Choice Debit Factory Overhead $5,200; credit Factory Wages Payable $5,200. Debit Factory Overhead $5,200; credit Work in Process Inventory $5,200. Debit Work in Process Inventory $5,200; credit Factory Wages Payable $5,200. Debit Work in Process Inventory $25,500; credit Factory Wages Payable $25,500. Debit Factory Wages Payable $5,200; credit Cash $5,200.
Entry for Factory Labor Costs A summary of the time tickets is as follows: Job No. Amount 100 $4,800 101 5,875 104 18,250 108 15,500 Indirect 8,220 111 9,430 115 12,675 117 19,225 Journalize the entry to record the factory labor costs. 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
a. Prepare the entry to record the factory labor costs for the month of January. b. Prepare the entry to assign factory labor to production. E15.2 (LO 1, 2, 3, 4), AP 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. intuom Materials Requisition Slips bo FU 1 Job Number 429 430 431 to General use To $2,500 3,500 4,400 $10,400 800 $11,200 10 $12,500 1,200 $13,700 25 gan 15100 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. 1200 how W $1,900 3,000 7,600 Labor Time Tickets S ACE2 out 2013 Instructions a. Prepare 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. b. Post…