Jomari Corporation's factory workers Incentive scheme which features a combined piece rate P11.25 and a minimum wage guaranteed wage of P875 per week. Production report for the week show Employees Units produced 67 78 M 80 A. 82 R 72 75 How much portion of the weekly payroll should be charge to factory overhead?

Jomari Corporation's factory workers Incentive scheme which features a combined piece rate P11.25 and a minimum wage guaranteed wage of P875 per week. Production report for the week show Employees Units produced 67 78 M 80 A. 82 R 72 75 How much portion of the weekly payroll should be charge to factory overhead?

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

McBride and Associates employs two professional appraisers, each having a different specialty. Debbie specializes in commercial appraisals and Tara specializes in residential appraisals. The company expects to incur total overhead costs of $299,610 during the year and applies overhead based on annual salary costs. The salaries and billable hours of the two appraisers are estimated to be as follows: Annual Salary Billable Hours Debbie $ 126,480 1,700 Tara $ 73,260 1,650 The accountant for McBride and Associates is computing the hourly rate that should be used to charge clients for Debbie's and Tara's services. The hourly billing rate should be set to cover the total cost of services (salary plus overhead) plus a 25 percent markup. Required: 1. Compute the predetermined overhead rate.. 2. Compute the hourly billing rates for Debbie and Tara.
THE HOURLY RATE FOR AN EMPLOYEE WHO EARS $400 PER WEEK FOR A NORMAL 38-HOUR WORKWEEK IS HOW MUCH?
The following data is available for Sheridan Repair Shop for 2022: Repair technicians' wages Employee benefits Overhead Total $410000 90000 $122. $140. $152. $112. 60000 $560000 The desired profit margin is $40 per labor hour. The material loading charge is 40% of invoice cost. It is estimated that 5000 labor hours will be worked in 2022. Sheridan' labor charge per hour in 2022 would be
The chief estimator has asked you to determine the average hourly cost for equipnent operators using the information below.. The plan is to work 48 hours per week (8 hours Monday - Saturday). Overtime is paid for over 40 hours at a rate of Tirme and a half. Base Wage - $22.00 per hour Social Security Tax - 7.65% Unermployment Compensation Tax - 2.75% Worker Compensation Insurance $32.00/100 Public liability/Property Damage Insurance $3.10/100 Fringe Benefits $6.25 per hour
You work as a factory worker in National Co.. You are paid P45 per hour and an extra P13.50 per hour for every hour over 40 that is worked in a given week. Last week you worked 50 hours with 3 of these hours correctly classified as idle time. How much of your wages last week should be included in manufacturing overhead cost?
A company is setting its direct materials and direct labor standards for its leading product. Direct materials cost from the supplier are $9 per square foot, net of purchase discount. Freight-in amounts to $0.40 per square foot. Basic wages of the assembly line personnel are $14 per hour. Payroll taxes are approximately 21% of wages. Benefits amount to $2 per hour. How much is the direct materials cost standard per square foot? OA. $16.00 OB. $9.40 OC. $9.00 OD. $25.00
Jon Stone is paid $20 an hour for an 8-hour day, with time-and-a-half for overtime and double-time for Sundays and holidays. Regular employment is on the basis of 40 hours a week, 5 days a week. Overtime premium is charged to Factory Overhead. Required: Using the labor-time record below: a. Compute Jerrod's total earnings for the week. b. Present the journal entry to distribute Jerrod's total earnings. Sunday Monday Tuesday Wednesday Thursday Friday Saturday ТОTAL Job F2 3 5 4 31 Job M1 1 3 6 14 Admin 1 3 6 TOTAL 8. 8. 8 10 51
EL Company required 6 factory workers and 3 maintenance engineers to do annual maintenance on Holy Thursday and Good Friday. For 8-hour work per day, P500 is the daily rate for every factory worker and P600 for every maintenance engineer. On these days, each worked for 12 hours per day. For regular holidays, additional 100% premium is paid for first 8 hours and additional 30% of regular holiday rate is paid in excess of 8 hours. What is the total amount charged to factory overhead control? P31,680 P30,240 P22,680 P11,880
C works in Aling Manok from 8am to 5pm, with 1 hour meal break. C’s daily rate is P350.00 (P43.75/hour). C’s rest day is Wednesday. Suppose, C worked on a Tuesday from 8am to 8pm, how much is his total pay for that day? * A. P504.75B. P525.00C.P514.00D. 508.50
Senorita Private Limited operates a piecework system of remuneration, but also guarantees its employees 80% of a time-based rate of pay which is based on $20 per hour for an eight-hour working day. Three minutes is the standard time allowedper unit of output. Piecework is paid at the rate of $18 per standard hour. If an employee produces 200 units in eight hours on a particular day, what is the employee’s gross pay for that day?
The piecework rate in a factory is GH¢2 per unit and the minimum pay is GHC42/day. A bonus of GHC5 is paid in addition to the piecework rate if more than 30 units are made in a day. On Monday, Harry makes 20 units. On Tuesday to Friday he makes 21, 24, 32 and 27 respectively. The Basic amount earned by Harry is OA. GHC210 O B. GHC246 OC. GHC253 D. GHC248
20.Lie Mfg. Co. pay their employees on a combined minimum rate and piecework rate plan. The minimum guaranteed daily wage is P470. Any employee who produces more than 10 shirts receives a bonus. If Mr. Angelo produced 14 shirts, what amount should be charged to factory overhead control? *