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FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Problem 3
The Norman Company recently adopted an incentive plan. Factory workers are paid
P7.50 per unit with a guaranteed minimum wage of P2,000 per week Following is a
report on employees' productivity for the week ending May 19, 2019. All employees
worked the full 40-hour week.
WEEKLY SUMMARY
UNITS PRODUCED
240
EMPLOYEE'S NAME
R Cruz
J. Briones
C. David
A. Mendoze
286
275
240
F. Rivera
225
R. Tolentino
285
Required:
1. Compute each employee's gross pay
2. What amount should be charged to work in process?
3. What amount should be charged to factory overhead control?
Transcribed Image Text:Problem 3 The Norman Company recently adopted an incentive plan. Factory workers are paid P7.50 per unit with a guaranteed minimum wage of P2,000 per week Following is a report on employees' productivity for the week ending May 19, 2019. All employees worked the full 40-hour week. WEEKLY SUMMARY UNITS PRODUCED 240 EMPLOYEE'S NAME R Cruz J. Briones C. David A. Mendoze 286 275 240 F. Rivera 225 R. Tolentino 285 Required: 1. Compute each employee's gross pay 2. What amount should be charged to work in process? 3. What amount should be charged to factory overhead control?
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