Richard Corp has the following data for the third week of December: Employee Name Classification Hours Worked Rate per hour Kuhl Laborer 45 ₱50 Aileen Office Secretary 46 ₱45 Jose Laborer 50 ₱52 Jay Factory Supervisor 55 ₱48 Richmond Sales Agent 52 ₱60 Edward Laborer 48 ₱45 The following are to be deducted from the gross earnings of employees: Withholding Taxes - 5% Social Security System Contributions - 3% Philippine Health Insurance - 1% Home Development Mutual Fund - 1% Richard Corp paid its employees one and half times the regular rate for hours worked in excess of 40 hours. Required: Compute the following: A. How much is the amount charged to the Work in Process account? B. How much is the amount charged to Manufacturing Overhead? C. What is the total amount charged to Selling and Administrative expenses?
Richard Corp has the following data for the third week of December: Employee Name Classification Hours Worked Rate per hour Kuhl Laborer 45 ₱50 Aileen Office Secretary 46 ₱45 Jose Laborer 50 ₱52 Jay Factory Supervisor 55 ₱48 Richmond Sales Agent 52 ₱60 Edward Laborer 48 ₱45 The following are to be deducted from the gross earnings of employees: Withholding Taxes - 5% Social Security System Contributions - 3% Philippine Health Insurance - 1% Home Development Mutual Fund - 1% Richard Corp paid its employees one and half times the regular rate for hours worked in excess of 40 hours. Required: Compute the following: A. How much is the amount charged to the Work in Process account? B. How much is the amount charged to Manufacturing Overhead? C. What is the total amount charged to Selling and Administrative expenses?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Richard Corp has the following data for the third week of December:
| Employee Name | Classification | Hours Worked | Rate per hour |
| Kuhl | Laborer | 45 | ₱50 |
| Aileen | Office Secretary | 46 | ₱45 |
| Jose | Laborer | 50 | ₱52 |
| Jay | Factory Supervisor | 55 | ₱48 |
| Richmond | Sales Agent | 52 | ₱60 |
| Edward | Laborer | 48 | ₱45 |
The following are to be deducted from the gross earnings of employees:
Withholding Taxes - 5%
Social Security System Contributions - 3%
Philippine Health Insurance - 1%
Home Development Mutual Fund - 1%
Richard Corp paid its employees one and half times the regular rate for hours worked in excess of 40 hours.
Required: Compute the following:
A. How much is the amount charged to the Work in Process account?
B. How much is the amount charged to Manufacturing Overhead ?
C. What is the total amount charged to Selling and Administrative expenses?
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