Time tickets indicated 8,000 labor hours in the production of Job .115, out of which 1,000 were indirect labor hours. The company pays $10 per each labor hour. The entry to record this transaction is: * A debit to Work in Process Inventory $70,000 and a credit to Factory Labor $70,000 A debit to Work in Process Inventory $90,000, a credit to manufacturing overhead $10,000, and a credit to Factory Labor $80,000 A debit to Work in Process Inventory $70,000, a debit to manufacturing overhead $10,000, and a credit to Factory Labor $80,000 None of the above
Time tickets indicated 8,000 labor hours in the production of Job .115, out of which 1,000 were indirect labor hours. The company pays $10 per each labor hour. The entry to record this transaction is: * A debit to Work in Process Inventory $70,000 and a credit to Factory Labor $70,000 A debit to Work in Process Inventory $90,000, a credit to manufacturing overhead $10,000, and a credit to Factory Labor $80,000 A debit to Work in Process Inventory $70,000, a debit to manufacturing overhead $10,000, and a credit to Factory Labor $80,000 None of the above
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Time tickets indicated 8,000 labor hours in the production of Job .115, out of which 1,000 were indirect labor hours. The company pays $10 per each labor hour. The entry to record this transaction is: *
A debit to Work in Process Inventory $70,000 and a credit to Factory Labor $70,000
A debit to Work in Process Inventory $90,000, a credit to manufacturing overhead $10,000, and a credit to Factory Labor $80,000
A debit to Work in Process Inventory $70,000, a debit to manufacturing overhead $10,000, and a credit to Factory Labor $80,000
None of the above
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