FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The weekly time tickets indicate the following distribution of labor hours for three direct labor employees:

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The direct labor rate earned per hour by the three employees is as follows:
Tom Couro            $32
David Clancy           36
Jose Cano                28
The process improvement category includes training, quality improvement, and other indirect tasks.
a. Journalize the entry to record the factory labor costs for the week.
b. Assume that Jobs 301 and 302 were completed but not sold during the week and that Job 303 remained incomplete at the end of the week. How would the direct labor costs for all three jobs be reflected on the financial statements at the end of the week?

Hours
ETTTT
Process
Job 301
Job 302
Job 303 Improvement
13
Tom Couro
10
15
2
David Clancy
12
12
14
2
Jose Cano
11
13
15
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Transcribed Image Text:Hours ETTTT Process Job 301 Job 302 Job 303 Improvement 13 Tom Couro 10 15 2 David Clancy 12 12 14 2 Jose Cano 11 13 15
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