Cost accounting: Cost accounting is the process of collecting, summarizing and then evaluating each and every alternative course of action that can be undertaken in order to produce a product. The alternative with the most efficient results would be chosen. To prepare: The journal entry to record the factory labor costs for the month of January.

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Chapter 20, Problem 20.1E

(a)

To determine

Cost accounting:

Cost accounting is the process of collecting, summarizing and then evaluating each and every alternative course of action that can be undertaken in order to produce a product. The alternative with the most efficient results would be chosen.

To prepare: The journal entry to record the factory labor costs for the month of January.

(b)

To determine

To prepare: The journal entry to assign factory labor to production.

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