Solution-Journalize the entry to record the factory labor

Journalize the entry to record the factory labor costs

Assignment Help Managerial Accounting

Reference no: EM132841830

Problem - 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
Tom Couro	20	10	7	2
David Clancy	8	14	11	3
Jose Cano	14	13	8	3

The direct labor rate earned per hour by the three employees is as follows:

Tom Couro $18

David Clancy 25

Jose Cano 21

The process improvement category includes training, quality improvement, and other indirect tasks.

Required -

a. Journalize the entry to record the factory labor costs for the week. If an amount box does not require an entry, leave it blank.

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 cost for all three jobs be reflected on the financial statements at the end of the week?

Reference no: EM132841830

Questions Cloud

What evidence is there for damage to soil quality : What evidence is there for damage to soil quality caused by the loss of earthworms and How much did grass yields increase in New Zealand when earthworms

What is the last secure date for a neandertal site : Why did adult Neandertals have multiple healed fractures and What was unusual about the child's skeleton found in Portugal in 1999

Compute the under- or overapplication of overhead for period : Given the following data, compute overhead applied and the under- or overapplication of overhead for the period

What does the body use carbohydrates for : What does the body use carbohydrates for - Plants and animals typically contain a lot of glucose. Most soft drinks such as Coke, Pepsi and Sprite

Journalize the entry to record the factory labor costs : Journalize the entry to record the factory labor costs for the week. If an amount box does not require an entry, leave it blank

Compute the direct materials price and quantity variances : During June the company incurred the following actual costs to produce 8,500 units. Compute the direct materials price and quantity variances

Compute the predetermined overhead application rate : Actual manufacturing overhead cost incurred in November was $61,000. Compute the predetermined overhead application rate

Calculate the value of ending inventory of Product X : Samaritan Manufacturing Company Is in its first month or operation. Calculate the value of ending inventory of Product X

Calculate current ratio and receivables turnover ratio : Selected financial data for Crown Point Ltd. are shown below - Calculate current ratio, receivables turnover ratio and inventory turnover ratio

User Account

All Pages

Journalize the entry to record the factory labor costs

Reference no: EM132841830

Reference no: EM132841830

Questions Cloud

Reviews

Write a Review

Managerial Accounting Questions & Answers

Manage budgets and financial plans

Prepare a retained earnings statement

Prepare a master budget for the three-month period

Construct the companys direct labor budget

Evaluate the predetermined overhead rate

Determine the company''s bid

Compute the pool rates for the different activities

Prepare Company financial statements

Prepare an analysis of terracycles

Discuss the ethical issues

Political resources in emerging markets

Management accounting - ehsan electronics company

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT