l 69%4G+11:55 MEmployer Payroll Taxes Payable $3,000 anda credit to Factory Wages payable $95,000None of the aboveTime tickets indicated 9,000 labor hours inthe production of Job .115, out of which6,000 were direct labor hours. Thecompany pays $8 per each labor hour. Theentry to record this transaction is:A debit to Work in Process Inventory$48,000 and a credit to Factory Labor$48,000A debit to Work in Process InventoryO $72,000 and a credit to Factory Labor$72,000A debit to Work in Process Inventory$48,000, a debit to manufacturingoverhead $24,000, and a credit to FactoryLabor $72,000O None of the aboveThe journal entry to record the completionof Job No.114 at a cost of $18,000 wouldinclude: * 11:56 M19 ull 69% idocs.google.com/forms/d/e/112P40,000, a uebit to manulattumgoverhead $24,000, and a credit to FactoryLabor $72,000None of the aboveThe journal entry to record the completionof Job No.114 at a cost of $18,000 wouldinclude: *A debit to Work in Process Inventory$18,000 and a debit to Finished GoodsInventory $18,000A credit to Work in Process Inventory$18,000 and a debit to Finished GoodsInventory $18,000A debit to Work in Process Inventory$18,000 and a credit to Finished GoodsInventory $18,000O None of the aboveGoods costing $15,000 were sold for$20,000 on account. The entry to recordthis transaction would include: *

Name: l 69%4G+11:55 MEmployer Payroll Taxes Payable $3,000 anda credit to F
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Description: l 69%4G+11:55 MEmployer Payroll Taxes Payable $3,000 anda credit to Factory Wages payable $95,000None of the aboveTime tickets indicated 9,000 labor hours inthe production of Job .115, out of which6,000 were direct labor hours. Thecompany pays $8 pe

Overhead means the cost incurred indirectly in production of goods . For examples , supervisor…

Business

Accounting

Time tickets indicated 9,000 labor hours in the production of Job .115, out of which 6,000 were direct labor hours. The company pays $8 per each labor hour. The entry to record this transaction is: * A debit to Work in Process Inventory $48,000 and a credit to Factory Labor $48,000 A debit to Work in Process Inventory $72,000 and a credit to Factory Labor $72,000 A debit to Work in Process Inventory $48,000, a debit to manufacturing overhead $24,000, and a credit to Factory Labor $72,000 None of the above

Time tickets indicated 9,000 labor hours in the production of Job .115, out of which 6,000 were direct labor hours. The company pays $8 per each labor hour. The entry to record this transaction is: * A debit to Work in Process Inventory $48,000 and a credit to Factory Labor $48,000 A debit to Work in Process Inventory $72,000 and a credit to Factory Labor $72,000 A debit to Work in Process Inventory $48,000, a debit to manufacturing overhead $24,000, and a credit to Factory Labor $72,000 None of the above

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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X Company manufactures cakes in two departments: Mixing and Packaging. The company uses a process cost accounting system. All materials are entered at the beginning of each process. During April 2020, the following transactions were completed: Assigned raw materials of $60,000 and $50,000 to Work in Process Mixing and Packaging respectively. Factory labor costs of $20,000 and $40,000 were assigned to Work in Process Mixing and Packaging respectively. The company applied manufacturing overhead on the basis of $15 per machine hour. Machine hours used were 1,000 in Mixing and 2,000 in Packaging. During April, the company transferred units costing S80,000 from Mixing to Packaging. In addition, it trans ferred units costing $160,000 from Packaging to Finished Goods.
Jeniffer Fly Shop applies overhead at a rate of $5.50 per direct labor hour. At the end of the month, the company had accumulated 7,000 direct labor hours and 7,800 machine hours. The company incurred $37,500 in actual manufacturing overhead. Manufacturing overhead was: a. $3,000 overapplied. Ob. $1,000 overapplied. Oc. $3,000 underapplied. Od. $1,000 underapplied.
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Starbird Manufacturing makes accessories for kitchens and home offices. Their Work-In-Process Inventory account had a debit balance of $32,500 on February 1. Also on February 1, Starbird’s job cost sheets reported these amounts: Customer/Job Geller Thomas Easton Direct materials $7300 $4100 $400 Direct labor 5500 3600 250 Mfg overhead 6500 4400 450 Totals: 19300 12100 1100 During the month of February, Starbird purchased $13,000 of raw materials on account, and on February 29 they paid all of their employees’ wages for hours worked in February. They also incurred miscellaneous overhead costs of (meaning they received the bills for) $8,400 on account. Their February materials requisition slips and employee time tickets showed: Materials Customer/Job Requisition Slips Time tickets Thomas $900 $1100 Macintosh 2200 1400 Easton 500 750 Geller 3500 2800 Total direct 7100 6050 Total indirect 1750 1400 $8850 $7450 Starbird applied…
oriole company purchases $44, 000 of raw materials on account, and it incurs $52, 800 of factory labor costsOriole Company purchases $44,000 of raw materials on account, and it incurs $52, 800 of factory labor costs. Journalize the two transactions on March 31, assuming the labor costs are not paid until April. (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 Debit Credit Mar. 31 (To record raw materials purchased ) 31 (To record factory labor costs)
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The April Work in Process account for Coventry Co. contained the following: Beginning balance -- $19,000 debit Direct materials -- $11,000 debit Direct labor -- $8,000 debit Overhead -- $13,000 debit Transfer to finished goods -- $3,000 credit Overhead is applied at a rate of 125% of direct labor cost. The only job in process at April 30, Job #897, has been charged with direct labor cost of $4,000. What amount of direct materials cost has been charged to Job 897? $____________
A company that uses job order costing incurred a monthly factory payroll of $223,500. Of this amount, $43,000 is indirect labor and $180,500 is direct labor. Prepare journal entries to record the (a) use of direct labor and (b) use of indirect labor. View transaction list Journal entry worksheet < 1 Record the cost of direct labor used. 2 Note: Enter debits before credits. Transaction a. Record entry General Journal Clear entry Debit Credit View general journal
Sheridan Manufacturing uses a job order cost system. On April 1, the company has Work in Process Inventory of $8,630 and two jobs in process: Job No. 221, $4,070, and Job No. 222, $4,560. During April, a summary of source documents reveals the following: For Job No. 221 Totals 222 223 General use (a) 224 Materials Requisition Slips $1,300 1,870 2,770 2,930 650 $9,520 Labor Time Tickets $2,360 2,440 3,340 3,260 490 $11,890 Sheridan applies manufacturing overhead to jobs at an overhead rate of 70% of direct labor cost. Job No. 221 is completed during the month. Prepare summary journal entries to record the raw materials requisitioned, factory labor used, the assignment of manufacturing overhead to jobs, and the completion of Job No. 221. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)