The gross earnings of the factory workers for Sheridan Company during the month of January are $ 90,000. Of the total accumulated cost of factory labor, 80% is related to direct labor and 20% is attributable to indirect labor. (a) Record the factory labor costs for the month of January. (b) Assign factory labor to production. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Manufacturing Costs Work in Process Inventory Raw Materials Inventory Factory Labor Manufacturing Overhead (a) Incurred factory labor $ enter a dollar amountenter a dollar amount $ enter a dollar amountenter a dollar amount $ enter a dollar amountenter a dollar amount $ enter a dollar amountenter a dollar amount (b) Direct labor enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount (b) Indirect labor enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount Balance $ enter a total amount for this columnenter a total amount for this column $ enter a total amount for this columnenter a total amount for this column $ enter a total amount for this columnenter a total amount for this column $ enter a total amount for this columnenter a total amount for this column
The gross earnings of the factory workers for Sheridan Company during the month of January are $ 90,000. Of the total accumulated cost of factory labor, 80% is related to direct labor and 20% is attributable to indirect labor. (a) Record the factory labor costs for the month of January. (b) Assign factory labor to production. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Manufacturing Costs Work in Process Inventory Raw Materials Inventory Factory Labor Manufacturing Overhead (a) Incurred factory labor $ enter a dollar amountenter a dollar amount $ enter a dollar amountenter a dollar amount $ enter a dollar amountenter a dollar amount $ enter a dollar amountenter a dollar amount (b) Direct labor enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount (b) Indirect labor enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount Balance $ enter a total amount for this columnenter a total amount for this column $ enter a total amount for this columnenter a total amount for this column $ enter a total amount for this columnenter a total amount for this column $ enter a total amount for this columnenter a total amount for this column
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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The gross earnings of the factory workers for Sheridan Company during the month of January are $ 90,000. Of the total accumulated
| (a) | Record the factory labor costs for the month of January. | |
| (b) | Assign factory labor to production. |
(Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
| Manufacturing Costs | Work in Process Inventory | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Raw Materials Inventory | Factory Labor | Manufacturing |
||||||||
| (a) | Incurred factory labor | $ enter a dollar amountenter a dollar amount | $ enter a dollar amountenter a dollar amount | $ enter a dollar amountenter a dollar amount | $ enter a dollar amountenter a dollar amount | |||||
| (b) | Direct labor | enter a dollar amountenter a dollar amount | enter a dollar amountenter a dollar amount | enter a dollar amountenter a dollar amount | enter a dollar amountenter a dollar amount | |||||
| (b) | Indirect labor | enter a dollar amountenter a dollar amount | enter a dollar amountenter a dollar amount | enter a dollar amountenter a dollar amount | enter a dollar amountenter a dollar amount | |||||
| Balance | $ enter a total amount for this columnenter a total amount for this column | $ enter a total amount for this columnenter a total amount for this column | $ enter a total amount for this columnenter a total amount for this column | $ enter a total amount for this columnenter a total amount for this column |
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