(2) Discuss the factors that should be ConSiuciULfor each unit of output produced beyond the first 8 lots.(ICMA adapted)E11-9 (Appendix) Overtime Earnings. A particular Assembly Department employee is paid $9per hour for a regular work week of 40 hours: During the week ended March 22 theemployee/worked 46 hours and earned time and a half for overtime hours.Required:(1) Prepare the journal entry to record the labor cost if the overtime premium is chargedto production worked on during the overtime hours.(2) Prepare the journal entry to record the labor cost if the overtime premium is notcharged to production worked on during the overtime hours.E11-10 (Appendix) Bonus and Vacation Pay Liability. Four factory workers and a supervisorconstitute one team in the Fabricating Department. The supervisor earns $10 per hour, andthe combined hourly direct wages of the four workers is $32. Each employee is entitled toa 2-week paid vacation and a bonus equal to 4 weeks' wages each year. Vacation pay andbonuses are treated as an indirect cost and are accrued over the 50-week work year. pro-vision in the union contract does not allow these employees to work in excess of 40 noursAper week.Required: Prepare the journal entry to record the bonus and vacation pay liability appecable to one week's production.E11-11 Barton has employeesThe February pay-Required: Prepare the journal entry to the and pay appli-

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Description: (2) Discuss the factors that should be ConSiuciULfor each unit of output produced beyond the first 8 lots.(ICMA adapted)E11-9 (Appendix) Overtime Earnings. A particular Assembly Department employee is paid $9per hour for a regular work week of 40 ho

Journal entry: Journal entry is the book of original entry where first transactions are recorded in…

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mings. A particular Assembly k week of 40 hours: During and earned time and a half fo

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter3: Accounting For Labor

Section: Chapter Questions

Problem 1E: R. Herbert of Crestview Manufacturing Co. is paid at the rate of 20 an hour for an eight-hour day,...

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Prepare the journal entry to record the factory wages of $28,000 incurred for a single production department assuming payment will be made in the next pay period.
Prepare the journal entry to record the factory wages of $25,000 incurred in the processing department and $15,000 incurred in the production department assuming payment will be made in the next pay period.
Assuming an average work week to be 40 hours, complete the following table to determine the final gross pay (assume overtime is paid at the rate of time and a half): Total Regular Regular Hours Overtime Regular Рay Overtime Hours OT Rate Gross Pay Rate Hours рay 46 $13.40 $20.10 40 $536.00 $120.60 $656.60 Sample worked 13.40x 1.5%= $reg pay x 1.5 13.40 x 40 $656.60 40 6. $536.00 616.40 20.1x6 $120.60 out $20.10 (if no OT pd) 54 $21.00 47.25 $14.25 Other Pay Considerations
ACCT 102 - Please Do All Subparts.
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The actual overhead for a company is $79,534. Overhead was based on 7,000 direct labor hours and was $2,534 underapplied for the year. A. What is the overhead application rate per direct labor hour? $fill in the blank 340074ff501f023_1 per direct labor hour B. What is the journal entry to dispose of the underapplied overhead? If an amount box does not require an entry, leave it blank. fill in the blank fill in the blank fill in the blank fill in the blank
During the current month, a company that uses job order costing incurred a monthly factory payroll of $218,500. Of this amount, $52,000 is classified as indirect labor and the remainder as direct. Prepare journal entries to record these transactions. View transaction list Journal entry worksheet < 1 2 Record the cost of direct labor used. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal
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i) Compute Harriott’s predetermined manufacturing overhead rate for 2020.ii) State the journal entries necessary to record the above transactions in the general journal: For direct materials used in November For indirect material issued to production in November For total manufacturing labour incurred in November To assign manufacturing labour to the appropriate accounts For other manufacturing overhead incurred For manufacturing overhead applied to production for November, given that Harriottmanufacturing company worked 2,860 machine hours. To move the completed jobs into finished goods inventory To sell the two completed jobs on account iii) Calculate the manufacturing overhead variance for Harriott and state the journal entries necessary to dispose of the variance.
Al Shams Manufacturing LLC has furnished the following information for the month of March 2019: Materials used is RO 45,000, Direct labor is RO 28,000, Labor hours worked is 7,000, Hours of machine operation is 5,000 and Overhead cost is RO 21,000. The department during the period has executed an order (job). The relevant information is as follows: Materials used is RO 2,000, Direct labor is RO 1,200, Labor hours worked is 500 and Hours of machines operation is 225. Calculate the overhead chargeable to the job based on percentage of direct material cost. a. RO 945 b. RO 900 c. RO 933 d. RO 1500
WUIKS UH three jobs during the upcoming year. Direct labor-hours recorded by job are: job 237, 7,000 hours; job 250. 30,000 hours; and job 239, 21.000 hours. How much overhead cost will the company apply to Work in Process for the year? If actual costs are P420,000 for the year, will overhead be underapplied or overapplied? by how much? Exercise 4 (Departmental Overhead Rates) Bobcat Company has two departments, milling and assembly. The company uses a job-order cost system and computes a predetermined overhead rate in each department. The milling department bases its rate on machine-hours, and the assembly department bases its rate on direct labor cost. At the beginning of the year, the company made the following estimates: Department Milling 8,000 60,000 P510,000 72,000 Assembly Direct labor-hours 75,000 3,000 P800,000 640,000 Machine-hours Manufacturing overhead cost Direct labor cost Required: 1. Compute the predetermined overhead rate to be used in each department. 2. Assume that…
3. Lakeshore Company allocates overhead using direct labour-hours. For 2020, the estimated and actual labour-hours were 216,000 and 185,000 respectively, and the predetermined overhead rate used to apply overhead for the year was $26.10 per direct labour-hour. The manufacturing overhead control T-account showed a credit balance of $202,450 at the end of the year, and this balance was disposed of at the end of the year by closing it to cost of goods sold. 1. Was manufacturing overhead under- or overapplied? 2. Compute the actual overhead amount incurred over the year. 3. How will end-of-period disposal of this amount impact net income? a)Increase b)Decrease