JPE Corporation has a job order cost system. JPE applies overhead to production at a predetermined overhead rate of 90% based on the direct labor cost. Job # 123, the only job still in process at the end of November 2020, has been charged with factory overhead of P2,250. The following debits (credits) appeared in the general ledger account work-in-process for the month of November: November 1 balance P12,000 November 30 direct materials 40,000 November 30 direct labor 30,000 November 30 factory overhead 27,000 November 30 to finished goods (100,000)   What is the amount of direct labor charged to Job # 123 as at the end of November 2020?

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Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.