Entry for Factory Labor Costs A summary of the time tickets for the current month follows: Job No. Amount 100 $1,810 101 1,500 104 2,750 108 3,130 Indirect 9,650 111 1,910 115 1,250 117 8,480 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 for the current month follows: Job No. Amount 100 $1,810 101 1,500 104 2,750 108 3,130 Indirect 9,650 111 1,910 115 1,250 117 8,480 Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank.

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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Blossom Company is working on two job orders. The job cost sheets show the following. Direct materials Direct labor Job 201 ASE $7,250 3,950 Job 202 Prepare the two summary entries to record the assignment of costs to Work in Process from the data on the job cost sheets. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) $8,900 8,250 (To assign materials to jobs) Account Titles and Explanation Debit Credit
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.
Entry for Jobs Completed; Cost of Unfinished Jobs The following account appears in the ledger prior to recognizing the jobs completed in January: Work in Process Balance, January 1 Direct materials Direct labor Factory overhead Jobs finished during January are summarized as follows: Job 210 $69,290 Job 224 $80,830 42,340 Job 230 142,420 Job 216 a. Journalize the entry to record the jobs completed. If an amount box does not require an entry, leave it blank. Finished Goods Work in Process $17,100 139,020 149,970 78,830 Feedback LA Check My Work a. Move the cost of completed jobs out of work in process and into finished goods. b. Determine the cost of the unfinished jobs at January 31.
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 -
During the current month, a company that uses job order costing incurred a monthly factory payroll of $218,500. Of this amount, $52,000 is classified as indirect labor and the remainder as direct. Prepare journal entries to record these transactions. View transaction list Journal entry worksheet < 1 2 Record the cost of direct labor used. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal
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.
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 follows: Job 11-101 $6,240 Job 11-102 9,000 Job 11-103 7,210 Job 11-104 6,750 Factory supervision 4,000 Factory 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. If an amount box does not require an entry, leave it blank.
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…
Sunland Company is working on two job orders. The job cost sheets show the following. Direct materials Direct labor Job 201 (a) $6,740 (b) 3,760 Job 202 Prepare the two summary entries to record the assignment of costs to Work in Process from the data on the job cost sheets. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) $8,460 No. Account Titles and Explanation (To assign labor to jobs) 7,520 (To assign materials to jobs) Debit Credit
A company that uses job order costing incurred a monthly factory payroll of $223,500. Of this amount, $43,000 is indirect labor and $180,500 is direct labor. Prepare journal entries to record the (a) use of direct labor and (b) use of indirect labor. View transaction list Journal entry worksheet < 1 Record the cost of direct labor used. 2 Note: Enter debits before credits. Transaction a. Record entry General Journal Clear entry Debit Credit View general journal