Direct Labor Costs During May, Hatch Company accumulated 790 hours of direct labor costs on Job 200 and 560 hours on Job 305. The total direct labor was incurred at a rate of $12 per direct labor hour for Job 200 and $17 per direct labor hour for Job 305. Journalize the entry to record the flow of labor costs into production during May. If an amount box does not require an entry, leave it blank. 8E

Direct Labor Costs During May, Hatch Company accumulated 790 hours of direct labor costs on Job 200 and 560 hours on Job 305. The total direct labor was incurred at a rate of $12 per direct labor hour for Job 200 and $17 per direct labor hour for Job 305. Journalize the entry to record the flow of labor costs into production during May. If an amount box does not require an entry, leave it blank. 8E

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Description: Direct Labor CostsDuring May, Hatch Company accumulated 790 hours of direct labor costs on Job 200 and 560 hours on Job 305. The total direct labor was incurred at a rate of $12per direct labor hour for Job 200 and $17 per direct labor hour for Job

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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12.
Marco Company shows the following costs for three jobs worked on in April. Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 Req 5A Job 306 $ 30,600 21,600 11,600 Additional Information a. Raw Materials Inventory has a March 31 balance of $81,600. b. Raw materials purchases in April are $504,000, and total factory payroll cost in April is Req 5B Raw materials Work in process Finished goods Total inventories 139,000 86,600 ? Finished (sold) $367,000. c. Actual overhead costs incurred in April are indirect materials, $51,000; indirect labor, $24,000; factory rent, $33,000; factory utilities, $20,000; and factory equipment depreciation, $52,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $639,000 cash in April. Job 307 $36,600 19,600 10,600 5-a. Compute gross profit for April. 5-b. Show how the…
Sweet Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 Balances on March 31 Direct materials (in March) $ 32,800 $ 40, 700 Direct labor (in March) 23, 800 19, 900 Applied overhead (March ) 11,900 9,950 Costs during April Direct materials 138, 800 225,700 $ 101,900 Direct labor 92, 600 159, 500 106,900 Applied overhead ? ? ? Status on April 30 Finished (sold) Finished (unsold) In process Additional Information Raw Materials Inventory has a March 31 balance of $89, 500. Raw materials purchases in April are $503, 800, and total factory payroll cost in April is $383,900. Actual overhead costs incurred in April are indirect materials, $51,900; indirect labor, $24,900; factory rent, $33,900; factory utilities, $20, 900; and factory equipment depreciation, $54,800. Predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $640,000 cash in April.
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A summary of the time tickets for August follows: Description Job 321 Job 329 Job 336 Job 342 Job 346 Indirect labor a. Amount Journalize the entries for (a) the labor cost incurred and (b) the application of factory overhead to production for August. The predetermined factory overhead rate is 70% of direct labor cost. If an amount box does not require an entry, leave it blank. b. $11,000 9,200 5,000 8,300 5,700 8,000
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Entries for Direct Labor and Factory Overhead Townsend Industries Inc. manufactures recreational vehicles. Townsend uses a job order cost system. The time tickets from November jobs are summarized as fllows: Job 201 $3,650 Job 202 1,820 Job 203 1,440 Job 204 2,690 Factory supervision 1,250 Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $20 per direct labor hour. The direct labor rate is $15 per hour. If required, round final answers to the nearest dollar. a. Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank. Work in Process Factory Overhead Wages Payable
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Reynolds Manufacturers Inc. has estimated total factory overhead costs of $113,400 and expected direct labor hours of 12,600 for the current fiscal year. If Job 117 incurs 1,460 direct labor hours, Work in Process will be debited and Factory Overhead will be credited for a. $13,140 b. $56,700 c. $113,400 d. $1,460
JPE Corporation has a job order cost system. JPE applies overhead to production at a predetermined overhead rate of 90% based on the direct labor cost. Job # 123, the only job still in process at the end of November 2020, has been charged with factory overhead of P2,250. The following debits (credits) appeared in the general ledger account work-in-process for the month of November: November 1 balance P12,000 November 30 direct materials 40,000 November 30 direct labor 30,000 November 30 factory overhead 27,000 November 30 to finished goods (100,000) What is the amount of direct materials charged to Job # 123 as at the end of November 2020? Select one: P2,500 P4,250 P2,250 P9,000