Time tickets indicated 900 labor hours in the production of Job .115, out of which 600 were direct labor hours. The company pays $8 p each labor hour. The entry to record this transaction is: * A debit to Work in Process Inventory $4,800, a debit to manufacturing overhead $2,400, and a credit to Factory Labor $7,200 A debit to Work in Process Inventory $7,200 and a credit to Factory Labor $7,200 A debit to Factory Labor $4,800, a debit to manufacturing overhead $2,400, and a credit to Work in Process Inventory $7,200 O None of the above POM QM

Time tickets indicated 900 labor hours in the production of Job .115, out of which 600 were direct labor hours. The company pays $8 p each labor hour. The entry to record this transaction is: * A debit to Work in Process Inventory $4,800, a debit to manufacturing overhead $2,400, and a credit to Factory Labor $7,200 A debit to Work in Process Inventory $7,200 and a credit to Factory Labor $7,200 A debit to Factory Labor $4,800, a debit to manufacturing overhead $2,400, and a credit to Work in Process Inventory $7,200 O None of the above POM QM

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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The journal entry to record the Labor Time Tickets includes a debit to the Manufacturing Overhead account of what dollar amount? Materials Labor Requisition Time For Slips Tickets Job No. 429 $ 3,500 $ 4,400 Job No. 430 2,600 3,400 Job No. 431 3,400 4,200 Job No. 432 3,000 4,000 Sub-Total 12,500 16,000 General Use 1,000 1,500 Total Cost $ 13,500 17,500 $17,500 $1,500 $16,000 $13,500
K company production was working on Job 1 and Job 2 during the month. Of the $790 in direct materials, $380 in materials was requested for Job 1. Direct labor cost, including payroll taxes, are $23 per hour, and employees worked 17 hours on Job 1 and 30 hours on Job 2. Overhead is applied at the rate of $20 per direct labor hours. Prepare job order cost sheets for each job. Job 1 Hours Total Cost Direct materials $fill in the blank 1 Direct labor fill in the blank 2 fill in the blank 3 Manufacturing overhead fill in the blank 4 fill in the blank 5 Total cost $fill in the blank 6 Job 2 Hours Total Cost Direct materials $fill in the blank 7 Direct labor fill in the blank 8 fill in the blank 9 Manufacturing overhead fill in the blank 10 fill in the blank 11 Total cost $fill in the blank 12
A summary of the time tickets is as follows: Job No. Amount 55) $ 3,300 57) $6,105 58) $21,005 60) $15,500 Indirect $9,300 66) $9,430 67)$10,075 70) $4,380 Required: Journalize the entry on Dec. 31 to record the factory labor costs.
Post the journal entries for the transactions to the following T-accounts, each of which started the month with a zero balance.
2
A company's Factory Overhead account shows total debits of $675,000 and total credits of $698,700 at the end of the year. 1. Compute the under- or overapplied overhead. 2. Prepare the journal entry to close the balance in the Factory Overhead account to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the under- or overapplied overhead. Total actual overhead cost Total applied overhead cost
Penn Company uses a job order cost accounting system. In the last month, the system accumulated labor time tickets totaling $32,000 for direct labor and $6,400 for indirect labor. These costs were accumulated in Factory Payroll as they were paid. Which entry should Penn make to assign the Factory Payroll? General Journal Debit Credit (A) Payroll Expense 38,400 Cash 38,400 (B) Payroll Expense 32,000 Factory Overhead 6,400 Factory Payroll 38,400 Goods in Process Inventory 32,000 Factory Overhead 6,400 Factory Payroll 38,400 32,000 Goods in Process Inventory Factory Overhead 6,400 Accrued Wages Payable 38,400 38,400 Goods in Process Inventory Factory Payroll 38,400 F6 (C) (D) E) Option A F2 F3 :0+ F4 63 F5 N % F7 다 F8 F9 El ★
Journal Entries, T-Accounts Lincoln Brothers Company makes jobs to customer order. During the month of May, the following occurred: a. Materials were purchased on account for $45,760. b. Materials totaling $40,880 were requisitioned for use in producing various jobs. c. Direct labor payroll for the month was $19,200 with an average wage of $12 per hour. d. Actual overhead of $8,860 was incurred and paid in cash. e. Manufacturing overhead is charged to production at the rate of $5.40 per direct labor hour. f. Completed jobs costing $59,000 were transferred to Finished Goods. g. Jobs costing $58,000 were sold on account for $ 73,850. Make the entry to record the revenue from the sale first, followed by the entry to record the cost of the jobs. Beginning balances as of May 1 were: Materials Inventory Work-in-Process Inventory Finished Goods Inventory Required: $1,300 3,400 2,640 1 more notification 1. Prepare the journal entries for the preceding events.
During January, its first month of operations, Sheridan Company accumulated the following manufacturing costs: raw materials purchased $5,200 on account, factory labor incurred $6,600, and factory utilities payable $2,400. Prepare separate journal entries for each type of manufacturing cost. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 31 31 31 I (To record purchase of raw materials on account) (To record factory labor costs) (To record entry for utilities payable) eTextbook and Media Debit Credit
During the month, Barrera Manufacturing incurred (not paid) $49,000 in direct labor costs in Department 1, $24,000 in direct labor costs in Department 2, and $3,500 of indirect laber costs. Which of the following is NOT part of the summary journal entry to record these transactions? Process costing is used. OA. debit to Work-in-Process Inventory Department 1 for $40,000 OB. credit to Wages Payable for $76,500 OC. debit to Work-in-Process Inventory for $76,500 OD. debit to Manufacturing Overhead for $3,500 CHIC
During January, time tickets show that the factory labor of $6,000 was used as follows: Job 1 $2,200, Job 2 $1,600, Job 3 $1,400, and general factory use (indirect labor) $800.Prepare a summary journal entry to record factory labor used. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 31
A company has the following transactions during the week. Purchase of $900 raw materials inventory Assignment of $400 of raw materials inventory to Job 5 Payroll for 15 hours with $600 assigned to Job 5 Factory utility bills of $740 Overhead applied at the rate of $9 per hour What is the cost assigned to Job 5 at the end of the week?