ll 69%4G+11:55 Mto Manufacturing Overhead $1,000 and acredit to Raw Material Inventory $9,000None of the aboveTo manufacture job No. 108, X companyincurred $95,000 of factory labor, of which$3,000 were employer payroll taxes. Theentry to record this transaction wouldinclude: *A debit to Factory Labor $95,000, a creditto Employer Payroll Taxes Payable $3,000and a credit to Factory Wages Payable$92,000A debit to Factory Labor $98,000, a creditto Employer Payroll Taxes Payable $3,000and a credit to Factory Wages Payable$95,000A debit to Factory Labor $92,000, a debit toO Employer 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 which all 69% i4G+11:55 Adocs.google.com/forms/d/e/1l2A debit to Raw Materials Inventory $20,000and a credit to Accounts Payable $20,000None of the aboveRaw materials requisitioned by productionfor job No.106 consist of Direct Materials$8,000 and Indirect Materials $1,000. Theentry to record this transaction shouldinclude: *A debit to Work in Process $9,000 and acredit to Raw Material Inventory $9,000A debit to Work in Process $8,000, a debitto Manufacturing Overhead $1,000 and acredit to Raw Material Inventory $9,000A debit to Work in Process $8,000, a creditO to Manufacturing Overhead $1,000 and acredit to Raw Material Inventory $9,000None of the aboveTo manufacture job No. 108, X companyincurred $95,000 of factory labor, of which$3.000 were emplover pavroll taxes. The

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Description: ll 69%4G+11:55 Mto Manufacturing Overhead $1,000 and acredit to Raw Material Inventory $9,000None of the aboveTo manufacture job No. 108, X companyincurred $95,000 of factory labor, of which$3,000 were employer payroll taxes. Theentry to record this

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To manufacture job No. 108, X company incurred $95,000 of factory labor, of which $3,000 were employer payroll taxes. The entry to record this transaction would include: * A debit to Factory Labor $95,000, a credit to Employer Payroll Taxes Payable $3,000 and a credit to Factory Wages Payable $92,000 A debit to Factory Labor $98,000, a credit to Employer Payroll Taxes Payable $3,000 and a credit to Factory Wages Payable $95,000 A debit to Factory Labor $92,000, a debit to Employer Payroll Taxes Payable $3,000 and a credit to Factory Wages payable $95,000

To manufacture job No. 108, X company incurred $95,000 of factory labor, of which $3,000 were employer payroll taxes. The entry to record this transaction would include: * A debit to Factory Labor $95,000, a credit to Employer Payroll Taxes Payable $3,000 and a credit to Factory Wages Payable $92,000 A debit to Factory Labor $98,000, a credit to Employer Payroll Taxes Payable $3,000 and a credit to Factory Wages Payable $95,000 A debit to Factory Labor $92,000, a debit to Employer Payroll Taxes Payable $3,000 and a credit to Factory Wages payable $95,000

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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Time tickets indicated 3,000 labor hours in the production of Job .115, out of which 2,800 were direct labor hours. The company pays $10 per each labor hour. The entry to record this transaction is: *
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(i) Purchased raw materials on account OMR86,300. (ii) Raw materials of OMR73,900 were requisitioned to the factory. An analysis of the materials requisition slips indicated that OMR6,800 was classified as indirect materials. (iii) Factory labor costs incurred were OMR53,900, of which OMR51,000 pertained to factory wages payable and OMR2,900 pertained to employer payroll taxes payable. Instructions: Journalize the transactions. (Omit explanations.)
The cost of direct labor was 58000. The charging rate of the CBS was 25% of the cost of direct labour. The company's expenses during the above period were: depreciation = 1500, exhibition expenses = 800, factory insurance premiums = 650, administrative employees' fees=22000, depreciation of factory machinery = 1400, rent=6500, salesmen's travel expenses = 1500, factory warden salaries = 2200, cleaning costs = 450, subscriptions = 150, maintenance costs = 320, indirect production materials = 750, factory maintenance costs = 1100, advertising costs = 5100, salaries of salesmen = 10000, utility costs = 4800, sample costs = 650, indirect work = 3600, interest debit & related financial expenses = 750, foreman salaries = 4100, other promotion costs = 390, lawyers' fee = 10000, accountants' fee = 11000, miscellaneous production consumables = 900. how much is the CBS?
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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)
Sheffield Corporation incurred the following transactions. 1. 2. 3. 4. 5. 6. 7. 8. 9. Purchased raw materials on account $55,600. Raw Materials of $36,400 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,600 was classified as indirect materials. Factory labor costs incurred were $65,100, of which $51,800 pertained to factory wages payable and $13,300 pertained to employer payroll taxes payable. Time tickets indicated that $55,700 was direct labor and $9,400 was indirect labor. Manufacturing overhead costs incurred on account were $85,500. Depreciation on the company's office building was $8,700. Manufacturing overhead was applied at the rate of 160% of direct labor cost. Goods costing $94,000 were completed and transferred to finished goods. Finished goods costing $80,200 to manufacture were sold on account for $113,700. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent…
Swifty Corporation has the following labor costs: Factory-Gross wages Factory-Net wages Employer Payroll Taxes Payable $580000 O $638000. O $580000. $528000. $522000. 470000 58000 The entry to record the cost of factory labor and the associated payroll tax expense will include a debit to Factory Labor for