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NTROL OF MATERIALS AND LABOR

NTROL OF MATERIALS AND LABOR

FINANCIAL ACCOUNTING
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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TOPIC: COSTING AND CONTROL OF MATERIALS AND LABOR

 

VACATION PAY The Tom Thumb Corporation follows this vacation policy for its factory workers: 1 to 3 years of service: 1 week paid vacation 4 to 12 years of service: 3 weeks paid vacation Over 12 years of service: 4 weeks paid vacation The payroll records show the following information pertaining to next year (all employees work directly on the product): NAME YEARS OF SALARY (WEEKLY) $350 ΕMPLOYMΕNT 1. Gelati В. ОНага R. Reilly F. Maestro 5 175 6. 370 15 425 R. Auerbach 8 400 K. Sposare T. Fyumo 125 390 Required: a. Determine the amount that should be accrued each week for each employee. b. Show next year's journal entry needed to distribute the weekly payroll. The Tom Thumb Corporation uses the perpetual cost accumulation system. To prepare the entry, assume that no employee would be on vacation.
Transcribed Image Text:VACATION PAY The Tom Thumb Corporation follows this vacation policy for its factory workers: 1 to 3 years of service: 1 week paid vacation 4 to 12 years of service: 3 weeks paid vacation Over 12 years of service: 4 weeks paid vacation The payroll records show the following information pertaining to next year (all employees work directly on the product): NAME YEARS OF SALARY (WEEKLY) $350 ΕMPLOYMΕNT 1. Gelati В. ОНага R. Reilly F. Maestro 5 175 6. 370 15 425 R. Auerbach 8 400 K. Sposare T. Fyumo 125 390 Required: a. Determine the amount that should be accrued each week for each employee. b. Show next year's journal entry needed to distribute the weekly payroll. The Tom Thumb Corporation uses the perpetual cost accumulation system. To prepare the entry, assume that no employee would be on vacation.
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