A weekly time ticket for Joyce Caldwell follows: Labor Time Ticket Ticket Number: TT 338 Employee: Joyce Caldwell Date Monday, 8/12 Tuesday, 8/13 Wednesday, 8/14 Thursday, 8/15 Friday, 8/16 Time Started 7:00 AM 7:00 AM 7:00 AM 7:00 AM 12:00 PM 7:00 AM Dates: Monday 8/13 - Friday 8/17 Time Ended 3:00 PM 3:00 PM 3:00 PM 11:00 AM 4:00 PM 3:00 PM Weekly Totals Hourly Labor Rate Total Wages Earned Total Hours 8 hours 8 hours 8 hours 4 hours 4 hours 8 hours 40 hours × $27 $ 1,080 Job Number Job 271 Job 271 Job 272 Job 272 Maintenance Job 273

A weekly time ticket for Joyce Caldwell follows: Labor Time Ticket Ticket Number: TT 338 Employee: Joyce Caldwell Date Monday, 8/12 Tuesday, 8/13 Wednesday, 8/14 Thursday, 8/15 Friday, 8/16 Time Started 7:00 AM 7:00 AM 7:00 AM 7:00 AM 12:00 PM 7:00 AM Dates: Monday 8/13 - Friday 8/17 Time Ended 3:00 PM 3:00 PM 3:00 PM 11:00 AM 4:00 PM 3:00 PM Weekly Totals Hourly Labor Rate Total Wages Earned Total Hours 8 hours 8 hours 8 hours 4 hours 4 hours 8 hours 40 hours × $27 $ 1,080 Job Number Job 271 Job 271 Job 272 Job 272 Maintenance Job 273

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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Edwin Parts, a job shop, recorded the following transactions in May: Purchased $87,200 in materials on account. Issued $3,650 in supplies from the materials inventory to the production department. Issued $43,600 in direct materials to the production department. Paid for the materials purchased in transaction (1). Incurred wage costs of $67,200, which were debited to Payroll, a temporary account. Of this amount, $22,300 was withheld for payroll taxes and credited to Payroll Taxes Payable. The remaining $44,900 was paid in cash to the employees. See transactions (6) and (7) for additional information about Payroll. Recognized $34,700 in fringe benefit costs, incurred as a result of the wages paid in (5). This $34,700 was debited to Payroll and credited to Fringe Benefits Payable. Analyzed the Payroll account and determined that 65 percent represented direct labor; 15 percent, indirect manufacturing labor; and 20 percent, administrative and marketing costs. Applied overhead on the basis…
Entry for Factory Labor Costs A summary of the time tickets for the current month follows: Job No. Amount 100 $1,630 101 1,350 104 2,480 108 2,800 Indirect 8,690 111 1,710 115 1,120 117 7,590 Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9
The journal entry to record the issuance of direct materials represented by the following materials requisitions for the month includes: Requisition Number Description Amount 372 Job Number 179 $ 5,650 373 Job Number 184 $ 4,100 374 Job Number 180 $ 4,925 375 General factory use $ 765 376 Job Number 182 $ 2,870 A debit and credit to which accounts?
A summary of the time tickets for October follows: Description Amount Description Amount Job No. 319 $10,000 Job No. 344 $8,500 Job No. 330 9,700 Job No. 346 5,800 Job No. 335 3,000 Indirect labor 8,600 (a) Present the journal entry to record the labor costs incurred. Account DR CR (b) Record the application of factory overhead to production for October. The factory overhead rate is 65% of direct labor cost. Please also show your calculation to maximize your points. Calculation: Account DR CR
Under the decimal system of computing time worked at Timmerman Company, production workers who are tardy are "docked" according to the schedule shown below. Minutes Late inRinging in Fractional HourDeducted 1 through 6 1/10 7 through 12 2/10 13 through 18 3/10 19 through 24, etc. 4/10 The regular hours of work, Monday through Friday, are from 7:30 to 11:30 A.M. and from 12:30 to 4:30 P.M. During one week, Henry Bjorn, who earns $12.15 an hour, reports in and checks out as shown below. Employees are not paid for ringing in a few minutes before 7:30 and 12:30 nor for ringing out a few minutes after 11:30 and 4:30. (a) DAY AM PM HRS WORKED M In Out In Out 7:28 11:31 12:29 4:31 T 7:35 11:30 12:30 4:30 W 7:50 11:33 12:27 4:32 Th 7:27 11:31 12:50 4:33 F 7:28 11:32 12:40 4:30 Refer to the partial time card and compute the following: a. The hours worked each day. Enter any fraction of an hour as a decimal. For example 23/10 hours would…
Regirock Incorporated a manufacturer of gravel and sand, has provided the following data for the month of March. The balance in the Work in Process inventory account was $55,000 at the beginning of the month and $37,000 at the end of the month. During the month, Regirock incurred direct materials cost of $145,400 and a direct labor cost of $78,700. The actual manufacturing overhead cost incurred was $18,000. The applied manufacturing overhead cost was 75% of direct labor cost. The Work-in-Process for the period was P
The journal entry to record the issuance of direct materials represented by the following materials requisitions for the month includes: Requisition No. Description Amount 372 Job No. 179 $ 5,950 373 Job No. 184 $4,400 374 Job No. 180 $ 5,225 375 General factory use $ 795 376 Job No. 182 $3,170 Multiple Choice a debit to Materials Inventory, $18,745. a debit to Materials Inventory, $19,540. a debit to Work - in - Process Inventory, $18,745. a credit to Work-in- Process Inventory, $19,540.
Journalize the following labor-related transactions for Glamorous Glass Co. at its plant in Portland, Oregon. Assume that the labor has been incurred, but not yet paid. Plant janitor's wages Plant furnace operator's wages Glass blower's wages $ 610 880 76,000 Journalize the transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Prepare a single compound journal entry) Credit Date Accounts and Explanation Debit
Entry for Factory Labor Costs A summary of the time tickets is as follows: Job No. 55 57 58 60 Indirect 66 67 70 Amount $2,570 2,130 3,910 4,390 13,700 2,680 1,760 11,900 Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank.
As for the payroll, the job No. 301 have incurred direct labor cost of $2500, and 3100 for job No. 305. The journal entry to record this transaction is: a. Dr. work in-process control Job No. 301 Job No. 305 $2500 $3100 Cr. Wages payable $5600 b. Dr. Wages payable Cr. work in-process control Job No. 301 Job No. 305 $5600 $2500 $3100 c. Dr. Manufacturing overhead control 5600 Cr. Wages payable $5600 d. None of the above a b C d