Richard Corp has the following data for the third week of December: Employee Name Classification Hours Worked Rate per hour Kuhl Laborer 45 ₱50 Aileen Office Secretary 46 ₱45 Jose Laborer 50 ₱52 Jay Factory Supervisor 55 ₱48 Richmond Sales Agent 52 ₱60 Edward Laborer 48 ₱45 The following are to be deducted from the gross earnings of employees: Withholding Taxes - 5% Social Security System Contributions - 3% Philippine Health Insurance - 1% Home Development Mutual Fund - 1% Richard Corp paid its employees one and half times the regular rate for hours worked in excess of 40 hours. Required: Compute the following: A. How much is the amount charged to the Work in Process account? B. How much is the amount charged to Manufacturing Overhead? C. What is the total amount charged to Selling and Administrative expenses?
Richard Corp has the following data for the third week of December: Employee Name Classification Hours Worked Rate per hour Kuhl Laborer 45 ₱50 Aileen Office Secretary 46 ₱45 Jose Laborer 50 ₱52 Jay Factory Supervisor 55 ₱48 Richmond Sales Agent 52 ₱60 Edward Laborer 48 ₱45 The following are to be deducted from the gross earnings of employees: Withholding Taxes - 5% Social Security System Contributions - 3% Philippine Health Insurance - 1% Home Development Mutual Fund - 1% Richard Corp paid its employees one and half times the regular rate for hours worked in excess of 40 hours. Required: Compute the following: A. How much is the amount charged to the Work in Process account? B. How much is the amount charged to Manufacturing Overhead? C. What is the total amount charged to Selling and Administrative expenses?
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter7: Employee Earnings And Deductions
Section: Chapter Questions
Problem 2PA
Related questions
Question
100%
Richard Corp has the following data for the third week of December:
| Employee Name | Classification | Hours Worked | Rate per hour |
| Kuhl | Laborer | 45 | ₱50 |
| Aileen | Office Secretary | 46 | ₱45 |
| Jose | Laborer | 50 | ₱52 |
| Jay | Factory Supervisor | 55 | ₱48 |
| Richmond | Sales Agent | 52 | ₱60 |
| Edward | Laborer | 48 | ₱45 |
The following are to be deducted from the gross earnings of employees:
Withholding Taxes - 5%
Social Security System Contributions - 3%
Philippine Health Insurance - 1%
Home Development Mutual Fund - 1%
Richard Corp paid its employees one and half times the regular rate for hours worked in excess of 40 hours.
Required: Compute the following:
A. How much is the amount charged to the Work in Process account?
B. How much is the amount charged to Manufacturing Overhead?
C. What is the total amount charged to Selling and Administrative expenses?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Recommended textbooks for you
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
