Answered: Factory Wages for plant supervisors are…

Factory Wages for plant supervisors are ordinarily: A) Debited to Work-in-Process B) Debitèd to Overhead account C) Credited to Work-in-Process D) Credited to Overhead account

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Which of the following would be included in factory overhead? Group of answer choices a salary of…

A: There are two types of factory costs that are direct and indirect cost.

Q: What is the role of materials requisition forms in a job-order costing system? Time tickets?…

A: A job costing system must be capable of determining the amount of direct supplies, direct labor, and…

Q: Which of the following statements is true? a) Using either direct labor hours or direct labor costs…

A: Approach to solving the question: Analyze the question. Detailed explanation:Cost drivers are the…

Q: 8. The warehouse management team members of a manufacturing company submits their timesheets. The…

A: job order costing system determination of price of each individual product and assurance of cost of…

Q: The costs incurred on jobs that are currently in production but are not yet complete would appear in…

A: Work-in-Process is used to refer to such goods which are partially complete. Finished Goods are…

Q: How can the predetermined factory overhead rate be used in job order cost accounting to assist…

A: Factory overheads refer to the total cost of manufacturing and operating a manufacturing process, is…

Q: Under a job order costing system, individual jobs are allocated an estimated amount of overhead…

A: Overhead means the cost incurred indirect in factory for the production of goods. Manufacturing…

Q: Maintaining internal control over labor costs is necessary for a cost accounting system to function…

A: Internal control is a process used by a company's board of directors, management, and other…

Q: What items are included on a job cost sheet? How do the items differ and why is that important to…

A: A job cost sheet is a document used in accounting that tracks the costs of a specific job or…

Q: Factory overhead includes Oa. direct materials and direct labor Ob. indirect labor and indirect…

A: Factory overhead is the total of indirect expenses incurred during the period of time. Indirect…

Q: porarily stored befor

A: Direct labour cost are those cost that are paid as wages for work directly related to the production…

Q: A job cost sheet of Bramble Company is given below. JOB NO. ITEM FOR Date 7/10 12 15 22 24 27 31 469…

A: Job costing Job costing is adhesive costs of each and every job involved in the production…

Q: Manufacturing overhead costs include O direct materials, sales commissions, and factory assembly…

A: Lets understand the basics.Manufacturing overhead is all indirect cost incurred for producing goods.…

Q: Normal wastage in the production process is debited to a. Factory overheads b. Work in process c.…

A: The losses can be of two types as normal loss or abnormal loss. Normal loss can occur in production…

Q: Which of the following accounts would be debited to record the factory supervisor's salary incurred…

A: The objective of the question is to identify the correct account that would be debited when…

Q: Instructions 1. Journalize the entries to record the transactions indentified below. 2. Determine…

A: Job Costing: Job costing is a method which records costs of manufacturing costs rather than…

Q: Based on the knowledge of depreciation being recorded on a journal entry as a manufacturing overhead…

A: Depreciation refers to the permanent diminution in the worth of tangible assets. This could be due…

Q: How should the wages of a sheet metal worker in a fabrication plant be classified? O Product cost O…

A: Product costs are those costs which are incurred directly and indirectly for the production and…

Q: The journal entry to record actual manufacturing overhead for indirect labor debits Manufacturing…

A: Work in progress Inventory: It refers to the organisation's goods which are not completely finished…

Q: Explain how predetermined factory overhead rates are computed and why they are used to apply factory…

A: Factory overhead: Factory overhead is the indirect cost consisting of indirect material, indirect…

Q: In a job-order costing system, indirect labor cost is usually recorded a :debit Manufacturing…

A: In job costing, Indirect labor cost is usually debited to manufacturing overheads.

Q: he following are considered part of overhead accounts, except: a. Indirect Materials b.…

A: Solution:- Introduction:- Overhead means expenses that cannot directly traced to a particular…

Q: What are the procedures for closing the factory overhead account?

A: Factory Overhead Cost: Factory overhead cost is the cost other than the direct material cost, and…

Q: of the following is an example of direct labor? Salary of the vice-president of op

A: Direct Labour refers to the labour directly involved in the manufacturing process for producing the…

Q: Which of the following is a variable factory overhead expense? Factory Supervisors Salary Indirect…

A: Factory overhead refers to indirect costs incurred in the manufacturing process of a…

Q: Why must a company estimate the amount of factory overhead assigned to indivdual jobs or jobs lots

A: Factory overhead is the total cost involved in operating all production facilities of a…

Q: In a Job Costing system, which of the following contain(s) the detailed cost data that support the…

A: Option (A) is incorrect as manufacturing overhead account would include all the manufacturing…

Q: Salary of factory manager is considered as direct labor. t or f

A: The cost of supervisory personnel, although they are needed to operate the factory, is classified as…

Q: In process cost accounting, the costs of direct materials and direct labor are charged directly to…

A: The correct option with all necessary explanation are as follows

Q: When direct labor cost are incurred, (but not yet paid) in manufacturing: _______ is debited and…

A: A journal entry is a record of a financial transaction in an accounting system. It is the initial…

Q: Discuss how the predetermined factory overhead rate can be used in job order cost accounting to…

A: Predetermined overhead means the budgeted indirect factory costs which are incurred in the…

Q: Using predetermined factory overhead application rates to apply the manufacturing overhead to the…

A: In cost accounting, manufacturing overhead costs to products or production activities are…

Q: factory overheads:

A: Correct Answer is Option B = i , v , vi I.e = Production foremen salaries , Indirect factory labour…

Question

Factory Wages for plant supervisors are ordinarily:
A) Debited to Work-in-Process
B) Debitèd to Overhead account
C) Credited to Work-in-Process
D) Credited to Overhead account

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Please explain it properly
In a process cost system total costs are determined when the Job is completed. costs are summarized in a job cost sheet. only one work in process account is used. the unit cost is total manufacturing costs for the period divided by the units produced during the periad.
The costs incurred on jobs that are currently in production but are not yet complete would appear in the: A. Work-in-Process Control account. B. Materials Control account. C. Finished Goods Control account. D. Manufacturing Overhead Control account.
Why are some manufacturing firms switching from direct-labor hours to machine hours or throughput time as the basis for overhead application?
The journal entry to record applied factory overhead includes a(n) a.decrease to Work in Process. b.increase to Factory Overhead. c.increase to Wages Payable. d.decrease to Factory Overhead.
Which of the following statements is true? (You may select more than one answer.)a. The Manufacturing Overhead account is debited when manufacturing overhead isapplied to Work in Process.b. Job cost sheets accumulate the actual overhead costs incurred to complete a job.c. When products are transferred from work in process to finished goods it results ina debit to Finished Goods and a credit to Work in Process.d. Selling expenses are applied to production using a predetermined overhead ratethat is computed at the beginning of the period.
Name two principal types of cost accounting systems. Which system provides for a separate record of each particular quantity of product that passes through the factory? Which system accumulates the costs for each department or process within the factory? How is product cost information used by managers? Discuss how the predetermined factory overhead rate can be used in job order cost accounting to assist management in pricing jobs. How is a predetermined factory overhead rate calculated? Name three common bases used in calculating the rate. How can activity-based costing be used in service companies?
In a process cost system total costs are determined when the job is completed. costs are summarized in a job cost sheet. only one work in process account is used. the unit cost is total manufacturing costs for the period divided by the unts produced during the period.
Why must a company use predetermined overhead rates when using job order costing?
Discuss the reason why companies use predetermined (factory) overhead rates rather than actual manufacturing overhead costs to apply overhead to jobs? What purpose does that serve?
How would salaries of supervisors in the factory be classified? Group of answer choices direct labor indirect labor administrative period cost
The journal entry for adjustment of underallocated manufacturing overhead includes a: A) credit to Finished Goods Inventory. B) credit to Manufacturing Overhead. C) debit to Work-in-Process Inventory. D) credit to Cost of Goods Sold.