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Problem - Entry for factory labor costs
The weekly time tickets indicate the following distribution of labor hours for three direct labor employees:
Hours
Job 301
Job 302
Job 303
Process Improvement
Ken Thain
13
10
4
Dick Lewis
12
11
John Fuld
8
15
5
The direct labor rate earned per hour by the three employees is as follows:
Ken Thain $30.00
Dick Lewis 34.00
John Fuld 25.00
The process improvement category includes training, quality improvement, housekeeping, and other indirect tasks.
Required -
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?
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