FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Payroll Entries
Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll p…
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Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $24,600, direct labor $14,760, and manufacturing overhead $19,680. As of January 1, Job 49 had been completed at a cost of $110,700 and was part of finished goods inventory. There was a $18,450 balance in the Raw Materials Inventory account. During the month of January, Lott Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were also sold on account during the month for $150,060 and $194,340, respectively. The following additional events occurred during the month. 1. 2. 3. 4. Job No. Direct Materials $12,300 50 51 Purchased additional raw materials of $110,700 on account. Incurred factory labor costs of $86,100. Of this amount $19,680 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: indirect materials $20,910; indirect labor $24,600; depreciation expense on equipment $14,760; and various other manufacturing overhead costs on account $19,680. Assigned direct materials and direct labor to jobs as follows. 52 47,970 36,900 Direct Labor $6,150 30,750 24,600
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Transcribed Image Text:Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $24,600, direct labor $14,760, and manufacturing overhead $19,680. As of January 1, Job 49 had been completed at a cost of $110,700 and was part of finished goods inventory. There was a $18,450 balance in the Raw Materials Inventory account. During the month of January, Lott Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were also sold on account during the month for $150,060 and $194,340, respectively. The following additional events occurred during the month. 1. 2. 3. 4. Job No. Direct Materials $12,300 50 51 Purchased additional raw materials of $110,700 on account. Incurred factory labor costs of $86,100. Of this amount $19,680 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: indirect materials $20,910; indirect labor $24,600; depreciation expense on equipment $14,760; and various other manufacturing overhead costs on account $19,680. Assigned direct materials and direct labor to jobs as follows. 52 47,970 36,900 Direct Labor $6,150 30,750 24,600
No. Account Titles and Explanation (1) Accounts Receivable â Sales Revenue (To record sale of jobs) Accounts Receivable Sales Revenue (To record cost of jobs) Debit 344400 Credit 344400
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Transcribed Image Text:No. Account Titles and Explanation (1) Accounts Receivable â Sales Revenue (To record sale of jobs) Accounts Receivable Sales Revenue (To record cost of jobs) Debit 344400 Credit 344400
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