Financial Accounting Parker Manufacturing's piece rate workers produced 2,000 units at $4 per unit. Minimum wage guarantee $7,500. Calculate the wages payable to workers.
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- Regarding the labor costs, one company shown the following annual data per employee: Gross Annual Salary: "National social security" paid by the employee: "National social security" paid by the company: € 16,800 Income Tax: 5% Attendance 24% time: Idle time: 8% 1,750 hours 2% Page 11/13 Chapter 3: Materials & Labour. Exercises According with the data given, read the sentences below and write True (T) or False (F) in the space provided. (Inside the question, each incorrect answer cancels out each correct one) (Please show you the mathematical process done) The hourly rate is 15.86 € per hour. If the idle time was 4%, the hourly rate would be 12.8 € per hour. The total amount of annual labour cost is € 18,984. The annual productive time is 1,715 hours. The 24% "National Social Security" paid by the company is subtracted from Gross Annual Salary.Kline Manufacturing has the following labor costs: Factory-Gross wages $500,000 Factory-Net wages 420,000 Employer Payroll Taxes Payable The entry to record the cost of factory labor and the associated payroll tax expense will include a debit to Factory Labor for 50,000Data relating to labor costs is given below. Manufacturing labor is paid 30 TL per hour and supporting labor is paid 20 TL per hour. For overwork, 50% additional payment is made. Manufacturing Labor 3.000 hours Normal working. 200 hoursIn week overworking Weekend holiday 200 hours Supporting Labor Normal working 600 hours Weekend holiday 100 hours Employer’s Social Security Premium and Unemployment Premium rates are 20% and 2% respectively. Employees’ Social Security Premium and Unemployment Premium rates are 14% and 1% respectively. Income Tax rate is 20% (Stamp Duty is neglected). Company classifies manufacturing labor hours’ cost and employer’s contribution relating to this cost as direct labor cost. Other labor costs are classified as indirect labor cost.Required: a) Gross wage b) Total labor costs c) Direct Labor Costs d) Indirect Labor Costs e) Net wage (Due to Personnel) f) Social Securities and Unemployment Premiums Payable (Employer + Employee)
- Kline Manufacturing has the following labor costs: Factory-Gross wages Factory Net wages Employer Payroll Taxes Payable O $470,000. The entry to record the cost of factory labor and the associated payroll tax expense will include a debit to Factory Labor for O $450,000. O $550,000. O $500,000. — $500,000 420,000 50,000Data relating to labor costs is given below. Manufacturing labor is paid 30 TL per hour and supporting labor is paid 20 TL per hour. For overwork, 50% additional payment is made. Manufacturing Labor Normal working -3000 hours In week overworking -200 hours Weekend holiday- 500 hours Supporting Labor Normal working-600 hours Weekend holiday-100 hours Employer’s Social Security Premium and Unemployment Premium rates are 20% and 2% respectively. Employees’ Social Security Premium and Unemployment Premium rates are 14% and 1% respectively. Income Tax rate is 20% (Stamp Duty is neglected). Company classifies manufacturing labor hours’ cost and employer’s contribution relating to this cost as direct labor cost. Other labor costs are classified as indirect labor cost. Required: a) Gross wage b) Total labor costs c) Direct Labor Costs d) Indirect Labor Costs e) Net wage (Due to Personnel) f) Social Securities and Unemployment Premiums Payable (Employer + Employee)A worker takes 9 hours to complete a job on daily wages and 6 hours on a scheme of payment by results. His day rate is $ 0. 75 an hour, the material cost of the product is $ 4 and the overheads recovered at 150% of the total direct wages. Calculate the factory cost of the products Overheads are Under: (a) Piece Work Plan, (b) Rowan Plan, and (c) Halsey Plan.
- a. Incurred $105,000 of direct labor in its Mixing department and $90,000 of direct labor in its Shaping department. Hint. Credit Factory Wages Payable. b. Incurred indirect labor of $23,000. Hint. Credit Factory Wages Payable. View transaction list Journal entry worksheetA manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $353,700 and direct labor hours would be 47,300. Actual manufacturing overhead costs incurred were $319,500, and actual direct labor hours were 52,400. The journal entry to apply the factory overhead costs for the year would include a Oa. debit to Factory Overhead for $391,952 Ob. credit to Factory Overhead for $391,952 Oc. debit to Factory Overhead for $319,500 Od. credit to Factory Overhead for $353,700A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $357,800 and direct labor hours would be 47,300. Actual manufacturing overhead costs incurred were $306,900, and actual direct labor hours were 52,100. The entry to apply the factory overhead costs for the year would include a a.credit to Factory Overhead for $393,876 b.debit to Factory Overhead for $306,900 c.debit to Factory Overhead for $393,876 d.credit to Factory Overhead for $357,800 The Aleutian Company produces two products, Rings and Dings. They are manufactured in two departments—Fabrication and Assembly. Data for the products and departments are listed below. Product Number ofUnits Labor HoursPer Unit Machine HoursPer Unit Rings 960 4 3 Dings 2,050 7 9 All of the machine hours take place in the Fabrication Department, which has an estimated overhead of $89,500. All of the labor hours take place…
- General AccountingRecord the following journal entries for Allen Company: (Click the icon to view the transactions.) (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) 6. Purchased raw materials on account, $5,000. Date 6. 7. Used $2,000 in direct materials and $1,000 in indirect materials in production. Accounts and Explanation Date Accounts and Explanation 7. Debit More info Credit 4 6. Purchased materials on account. $5.000. 7. Used $2,000 in direct materials and $1,000 in indirect materials in production. 8. Incurred $5,000 in labor costs, of which 80% was direct labor. XXYZ Company has the following balances for the current month: Direct materials used OMR 24,000 Direct labor OMR 36,800 Sales salaries OMR 19,200 Indirect labor OMR 4,800 Production manager's salary OMR 9,600 Marketing costs OMR 14,400 Factory lease OMR 6,400 What is total manufacturing cost? a. OMR 81,600 b. OMR 86,400 C. OMR 89,600 d. OMR 96,000 e. None of the given answer.
