Entry for Factory Labor CostsThe weekly time tickets indicate the following distribution of labor hours for three direct labor employees:HoursProcessJob 301Job 302Job 303ImprovementLandon Vincent199.5Fahad Hamad111514Ivory Argo121511The direct labor rate earned per hour by the three employees is as follows:Landon Vincent$23Fahad Hamad17Ivory Argo20The process improvement category includes training, quality improvement, and other indirect tasks.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 ProcessFactory OverheadWages Payable

The journal entries have been formulated below.

Answered: Impro 19 11 15 14 12 15 11 er hour by…

Business

Accounting

Impro 19 11 15 14 12 15 11 er hour by the three employees is as follows: ミ23

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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Average Output Product Marginal Product Labor 10 12 15 52 9. Using the above table, the average product and marginal product when 4 workers are employed are 14 and 13, respectively. 13 and 13, respectively. 13 and 14, respectively. 13 and 9, respectively. 123 45
Applying Excel 13: Predetermined Overhead Rate ✓ 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 A B Raw Materials Inventory 57,500 5,700 43,000 Finished Goods Inventory 216,000 Factory Overhead 14,800 61,000 52,300 6,000 Multiple Choice с =+C17/F11 =+C17/(SUM(B17:B19)) =+E5/E3 37,000 14.800 173,000 =+E5/E4 122,100 D E Assuming the company applies overhead as a percentage of direct labor cost, which formula accurately computes the predetermined overhead rate? Work in Process Inventory 37,000 216,000 111.000 122,100 54,100 Factory Wages Payable 172,000 0 111.000 ......... 61,000
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Indicator ' A 16 17 18 19 20 (1) $126,000 105,000 84,000 $200,000 D (2) $150,000 128,000 22,000 $138,000 E 1 2 Required: 3 Determine the missing amount for each separate situation involving work in process cost flows. 4 5 6 Total manufacturing costs 7 Work in process inventory, beginning 8 Work in process inventory, ending 9 Cost of goods manufactured 10 11 12 13 Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show your work. 14 Nothing in this area will be graded, but it will be submitted with your assignment. 15 (3) $217,000 32,000 185,000 $237,000 F G H 1 J
Question 8 SP for Direct Labor per direct labor hour $1.70 Actual Direct Labor $12,960 SQ x SP for Direct Labor $11,560 Actual Direct Labor Hours 6,500 The standard quantity (SQ) of direct labor hours is: O 6500 O 7000 O 6800 O 7624 (rounded) O Cannot be determined.
Q12. Given the following information, answer the questions given below: Raw Materials Debit Credit Balance 1/1 Debits Balance 12/31 16,000 Credits 122,000 26.000 Manufacturing Overhead Debit Credit Debits 233.800 Credits Work in Process Debit Credit Balance 1/1 Direct materials Direct labor 21,000 Credits 91,000 153,000 244,800 473,000 Overhead Balance 12/31 Factory Wages Payable Debit Credit Debits 187,000 Balance 1/1 Credits Balance 12/31 Finished Goods 9,500 182,000 4,500 Debit Credit Balance 1/1 Debits Balance 12/31 41,000 Credits 61,500 Cost of Goods Sold Debit Credit Debits Cost of raw materials b. Indirect materials Indirect labor cost а. х1 x2 с. x3 d. Cost of goods manufactured Unadjusted cost of goods sold Assume that overhead is applied to production on the basis of direct labor cost f. Predetermined overhead rate g. Amount of Manufacturing overhead (under/over)applied h. Was Manufacturing overhead (under/over)applied i. Ending balance in the work in process j. Direct…
C Total Fixed Overhe x [Solved] Bradshaw x I 8.3 Calculations fo x b Total Fixed Overhe x b Bulger Company p x b Total Fixed Overhe x b Fixed Overhead Sp x + ロ A bartleby.com/solution-answer/chapter-10-problem-42beb-managerial-accounting-the-cornerstone-of-business-decision-making-7th-edition/9781337115773/fixed-overhea. Q = bartleby Q Search for textbooks, step-by-step explanations to homework questions, E Ask an Expert + Managerial Accounting: The Cornerstone... O Get 24/7 homework help and experts with bartleby learn. Subscribe now! > typically answered in as tast as 30 minutes.* PUDusner: Lengage Learning ISBN: 9781337115773 Fixed Overhead Spending and Volume Variances, Columnar and Formula Approaches Solutions See Solution Corey Company provided the following information: Chapter *Response times vary by subject and question complexity. Median response time 10 Standard Costing And Variance - Standard fixed overhead rate (SFOR) per direct labor hour $10.00 is 34 minutes and may be…
Period Co 5 AA Chapter 1 Assignment 7 A ! Home | bartl.. 2 W # S Total product cost ezto.mheducation.com A Okay 23 my.post.edu... Direct materials. Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed selling expense Fixed administrative expense Sales commissions Variable administrative expense 3 E $ D () Required information [The following information applies to the questions displayed below.] Martinez Company's relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units, its average costs per unit are as follows: $ 150,000 Saved 4 5 R T & LL V Question 1 -... Required: 1. For financial accounting purposes, what is the total amount of product costs incurred. to make 10,000 units? (Do not round intermediate calculations.) * 6 Y B G H 5 7 N G what is the h... Help U J Average Cost per Unit Save & Exit $7.00 $ 4.50 $ 1.40 $ 4.00 $ 4.00 $ 2.10 $ 1.10 $ 0.55 M You 8 1 K ! Init 1-C... Check my work I 9 O Submit L ? ct 0 P…
Exercise 18 -8 (Static) Computing missing amounts in contribution margin income statements LO A1 Compute the missing amounts in the contribution income statement shown below: (Round "Per Unit" answers to 2 decimal places.) \table[[Number of units sold, Company A, Company B], [,,,, 1,975, ], [,, otal,,unit, Total, Per unit], [Sales, $, 208, 000, $, 65.00,, ], [Variable costs,, 150, 400,,, 39, 500, ], [Contribution margin,,,,, 43, 450, ], [Fixed costs,,,,,19, 750, ], [ Income, $, 46, 400,,,,]]