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

See similar textbooks

Similar questions

Calculate the manufacturing overhead incurred for F&B Co. P 60 P 410 P 80 P 580
Identify under or over allocation from the following information :i. Actual Overhead tk 2,000, allocated overhead tk 1,500ii. Allocated Overhead 6,000 ,actual overhead 5,200iii. Actual Overhead 10,000, allocated overhead tk 18,000
10. If the balance of Work in Process on October 31 is $21,000, what was the amount of factory overhead applied in October? a.$11,300 b.$21,300 c.$42,300 d.$63,300
Q2/ The normal capacity of Newport company ( 8000 ) hours and factory overhead at this level $ 16000 that $ 4000 of its as fixed. standard labor hours 8500 hours , actual labor hours 8750 hours , and actual factory overhead S 18200. Required: prepare the journal entries to record above information.
21. Joint products A, B and C are produced by JNT Corp. For the month just ended, these data are available: a. • P2.033 b. • P1.985 c. • P2.045 d. • P2.106
CengageNOWv21Online teachin X ilm/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator=assignment-take&inprogress-false Calculate Payroll K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Administrator Computer Programmer Consultant $50 per hour $36 per hour $2,510 per week Regular earnings rate 1.5 times hourly rate 2 times hourly rate Not applicable Overtime earnings rate $500 $253 $930 Federal income tax withheld For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period, the computer programmer worked 52 hours and the administrator worked 61 hours. Assume further that the social security tax rate was 6%, and the Medicare tax rate was 1.5 %. Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week are…
Q : 1 Calculate the labour “cost to company” of JP Mthembu for the week ended 13 July 2019.Q : 2 Suppose the expected labour cost of all the employees for the week was R150 000. It is possible that it may be reduced to R130 000 if overtime is avoided but due to productivity issues the cost could increase to R160 000.Calculate the expected labour cost using three-point cost estimating. INFORMATIONJP Mthembu is employed by Solar Manufacturers in Project P. The following are his wage details for the week ended 13 July 2019:Hours worked : Sunday - 4hoursMonday to Thursday - 8 hours:Friday - 9 hours:Saturday - 5 hoursPension fund: employee’s deduction - 7.5 of normal hoursPension fund: employer’s contribution - 9% of normal wagesUnemployment insurance fund: employee’s deduction - 1% of gross wageUnemployment insurance fund: employer’s contribution - 1% of gross wageRemuneration during normal working hours - R150 per hourNormal working week (Monday to Friday) - 8 hours per…
ENERCISE 3-7 Applying Overhead; Journal Entries; Disposition of Underapplied or Overapplied Overhead [LO4, 1.07, 1.08] The following information is taken from the accounts of FasGrow Company. The entries in the T-acevunts are summaries of the transactions that affected those accounts during the year. The ore balances in the accounts as follows: Work in Process, ending. $32, 800 Finished Goods, 41,000 Cost of Goods Sold ending 336,200 Overhead Applied $410,000 For example, of the $80,000 ending balance in Work in Process, $ 32,800 was overhead that had been applied during the year. Required: Identify the reasons for entries (a) through (d). Assume that the company closes any balance in the Manufacturing Overhead account directly 10 Cost of Goods Sold. Prepare the necessary journal entry. Assume instead that the company allocates any balance in the Manufacturing Overhead account to the other accounts in proportion to the overhead applied during the year that is in the ending balance in…
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.
M Thu Sep 8 t 14 of 15 AA Period Ce b Home | bartl... 23 my.post.edu... X 14 Unit 1-... 14 rint ezto.mheducation.com A Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed selling expense Fixed administrative expense Sales commissions Variable administrative expense 5 Total direct manufacturing cost Total indirect manufacturing cost Okay C 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: G what is the h. Average Cost per Unit $ 7.00 $4.50 $ 1.40 $ 4.00 $4.00 $ 2.10 $ 1.10 $ 0.55 14. If 12,000 units are produced, what are the total amounts of direct and indirect manufacturing costs incurred to support this level of production? (Do not round intermediate calculations.) @ 29% 4 + 88 Init 1-C... You a
Department Personnel Custodial Services Maintenance Printing Binding 1otat Lacor- square reet oт Number Oт маспале Uirect Labor- Hours Space Occupied Employees Hours Hours 16,700 12,200 20 8,300 3,200 47 14,300. 10,300 66 30,300 40,200 109 162,000 15,000 103,000 20,600 304 50,000 76,000 172,600 86,500 546 212,000 91,000 Budgeted overhead costs in each department for the current year are shown below: Personnel Custodial Services Maintenance Printing $340,000 65,800 93,000 414,000 Binding Total budgeted cost 165,000 $ 1,077,800 Because of its simplicity, the company has always used the direct method to allocate service department costs to the two operating departments. Required: 1. Using the step-down method, allocate the service department costs to the consuming departments. Then compute predetermined overhead rates in the two operating departments. Use machine-hours as the allocation base in the Printing Department and direct labor-hours as the allocation base in the Binding…
CH 19 Q10 Entry for Factory Labor Costs A summary of the time tickets for the current month follows: Job No. Amount 100 $3,780 101 3,140 104 5,750 108 6,460 Indirect labor 20,150 111 3,940 115 2,580 117 17,510 Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank.