EXERCISE 3-6INCENTIVE PLANSThe Spring Trampoline Company has had an incentive plan for the past several years Tlactory workers are paid $2.25 per unit with a minimum guaranteed wage of $175.00.week. The report on employees' productivity for the week ending September 21, 19follows. All employees worked the full 40-hour week.perWEEKLY SUMMARYUNITSPRODUCEDEMPLOYEE'S NAMEF. ChimientiM. DonohueG. DucheneN. Grimsly72807882R. Strauss68S. BeebeTotal73453Required:a Compute each employee's gross wages.b What amount should be charged to work-in-process inventory?What amount should be charged to factory overhead?

Payroll Payroll payment is one of the important segment in the organisation. Management implement…

Answered: follows. All employees worked the full…

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 following data summarize the operations during the year. A. Purchase of raw materials on account. $3,000 B. Raw materials used by Job 1. $550 C. Raw materials used as indirect materials. $50 D. Direct labor for Job 1. $300 E. Indirect labor incurred. $60 F. Factory utilities incurred on account. $650 G. Adjusting entry for factory depreciation. $250 H. Manufacturing overhead applied as % of direct labor. 200% I. Job 1 is transferred to finished goods. J. Job 1 is sold. $2,900 K. Manufacturing overhead is overapplied. $80 Prepare a journal entry for each transaction. If an amount box does not require an entry, leave it blank. A. Raw Materials Inventory Raw Materials Inventory Accounts Payable Accounts Payable B. Work in Process Inventory Work in Process Inventory Raw Materials Inventory Raw Materials Inventory C. Manufacturing Overhead Manufacturing Overhead Raw Materials Inventory…
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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
What is the ending balance in Work in Process? 2. What is the total amount of actual manufacturing overhead cost incurred during the year? (Show T-Account
The journal entry to record $1,500 of direct labor and $250 of indirect labor incurred will include debit(s) to the ________. A. Work−in−Process Inventory account for $1,500 and Manufacturing Overhead account for $250 B. Manufacturing Overhead account for $1,750 C. Finished Goods Inventory account for $1,750 D. Work−in−Process Inventory account for $1,500 and Finished Goods Inventory account for
am. 108.
Determining actual factory overhead:The books of Prestige Products Company revealed that thefollowing general journal entry had been made at the end of the current accounting period:Factory Overhead . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000Under- and Overapplied Factory Overhead ...................... 2,000Closed credit balance in factory overhead control account. The total direct materials cost for the period was $40,000.The total direct labor cost, at an average rate of $10 per hour for direct labor, was one and one-half times the direct materials cost. Factory overhead was applied on the basis of $4 per direct labor hour. What was the total actual factory overhead incurred for the period? (Hint: First solve for direct labor cost and then for direct labor hours.)
Urgent
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…
Prepare the journal entry to record the factory wages of $14,000 incurred for a single production department assuming payment will be made in the next pay period. If an amount box does not require an entry, leave it blank. Work in Process Wages Payable X X
Louisiana Metals uses a job costing system. The company applies manufacturing overhead using a predetermined rate based on direct labor cost. The following debits (credits) appeared in the Work-in-Process Inventory for June. June 1 For the month For the month For the month For the month Balance Direct labor Direct materials Manufacturing overhead To finished goods Beginning inventory ??? $ 33,000 43, 200 19,800 (78,700) Job LM-12, the only job still in production at the end of June, has been charged $13,200 in direct materials cost and $12,400 in direct labor cost. Required: What was the beginning balance in Work-in-Process Inventory?
How do I journalize the following " c. Factory overhead costs incurred on account, $5,710. "?

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