14. An example of labor-related costs is:   a. fringe benefits b. factory labor c. bonus pay d. operating expense

Q: - Which of the statements given about the wage concepts defined in the labor law is incorrect?    a)…

A: Labor law is legislation that specifies obligations and rights in the workplace, notably the…

Q: Explain why an overtime premium is included in manufacturing overhead.

A:

Q: Which one of the following is an example of a committed cost? The cost of annual end of year…

A: Committed costs are that fixed cost which is incurred due to past commitments. Management commits…

Q: 13 In the engineering works, the standard time for a job is 16 hours and the basic wage is Rs.6 per…

A: On the basis of given information calculated the earnings per hour if the job is completed

Q: Under a job order costing system, actual overhead costs are not fully known until the end of the…

A: Overhead means the cost incurred indirect in factory for the production of goods. Manufacturing…

Q: 1.If an employee works two jobs at two different wage rates for the same employer during the same…

A: Overtime pay seems to be the remuneration you earn for working outside of your typical working…

Q: 16. The wages of a timekeeper in the factory would be classified as a. a period cost b. direct…

A: Financial statements are statements which states the business activities performed by the company .…

Q: Employer’s contribution to SSS/Pagibig and Philhealth for its factory employees are debited to: a•…

A: Social Security System (SSS) was created to provide sickness, unemployment, retirement, disability…

Q: The ________ is the hourly price charged to clients for professional labor. salary rate billing rate…

A: Professional labour is that labour which provides professional services to another person for a…

Q: 6. Why might Daewoong use two different manufacturing overhead cost pools in its job-costing system?

A: Overhead means the cost incurred indirect in factory for the production of goods. Manufacturing…

Q: Chicago Bread Company uses the High-Low Method to estimate the variable and fixed cost components of…

A: When some cost is showing combined effect of variable and fixed cost i.e. it is semi variable and…

Q: A business absorbs overheads on the basis of hours worked on a specific job. If the overhead…

A: The price to be charged includes both value i.e cost price and the mark-up value.

Q: It is usually associated with employee compensation that is based on the number of hours worked…

A: As per the guidelines, only one question is allowed to be answered so I am answering the first…

Q: If each professional in a service company is paid an annual s alary, why might the firm want to use…

A: Every professional in a service company is received an annual salary but sometimes firm wants to use…

Q: Which of the following is not charged to the factory overhead control account?

A: Factory overhead comprises of manufacturing overhead costs i.e. indirect expenses like indirect…

Q: 5) Which one of the following best describes a job cost sheet? a. It is a form used to record the…

A: Financial statements are statements which states the business activities performed by the company .…

Q: Problem 1 Classify the following as to Fixed, Variable or Mixed Cost 1. Factory Rent 2. Wages of…

A: The fixed cost remains constant at every level of production.  The variable cost per unit remains…

Q: Required: 1. Prepare the journal entry to record the labor cost if the overtime premium is charged…

A:

Q: b) Discuss two advantages and two disadvantages of a standard costing system in which the standard…

A: Standard Costing:   Standard costing is an accounting tool which is used to measure the variances…

Q: Instructions: Enter your answers as whole numbers. Marginal Product Marginal Revenue Product Workers…

A: Marginal revenue product It is marginal revenue  which is generated   by addition of one unit of…

Q: Which one of the following is an example of a committed cost? a. The salary of the marketing manager…

A: Committed cost refers to the cost which has not yet been incurred but already contracted /committed…

Q: Discuss two advantages and two disadvantages of a standard costing system in which the standard…

A: Standard Costing:   Standard costing is an accounting tool which is used to measure the variances…

Q: 1) If the overtime premium is charge to specific job, it should be debited to: A. General expense…

A: Overhead means the cost incurred indirect in factory for the production of goods. Job costing means…

Q: Under a job order costing system, the peso amount of the entry involved in the transfers of…

A: SOLUTION- COST OF GOOD MANUFACTURED = BEGINNING WIP +COST ADDED - ENDING WIP .

Q: Discuss two advantages and two disadvantages of a standard costing system in which the standard…

A: Standard costing is an important topic in cost accounting. Standard costs are set to know the…

Q: Why does management need to know the cost of a job? Discuss at least 5 reasons. #8: Describe a…

A: Manufacturing overhead costs are the total of all indirect costs incurred while producing a product.…

Q: At a plant where a union agreement sets annual salaries and conditions, annual labor costs usually:"…

A: Variable costs changes with the increase or decrease of Production level.

Q: If a company fully allocates all of its overhead costs to jobs, does this guarantee that a profit…

A: Overhead cost: Overhead cost is the indirect expense in a business. It does not directly involve…

Q: In a factory, a team of six maintenance staff are paid a guaranteed weekly wage. Which of the…

A: Labor cost is the payment made to the labor for their contribution to converting the raw material…

Q: Which one of the following is an example of a committed cost? O a. None of the given answers O b.…

A: Committed cost means the cost which has been incurred by company as investment or obligation which…

Q: Company XYZ hired Ali as a factory security guard. The company agreed to pay Ali based on the number…

A: Overhead cost includes all the indirect expenses incurred by an organization for operating a…

Q: 13. Which of the following would most likely be a product cost? a. Salary of VP of sales. b.…

A: Solution 13: Product cost are the cost that is capitalized in inventory cost or that is incurred in…

Q: When overtime is worked at the request of the customer due to urgency of work and customer agrees to…

A: Indirect Cost-: Indirect costs are costs that are not directly liable to an expense object. Indirect…

Q: Which one of the following is an example of a committed cost? a. The salary of the marketing manager…

A: A committed cost is an Investment that an entity has already made and cannot recover by any means,…

Q: if the overtime premium is charge to specific job, it should be debited to:   Work in process…

A: Job costing is a specific type of costing system in which all indirect costs or overhead costs are…

Q: Discuss two advantages and two disadvantages of a standard costing system in which the standard…

A: Standard costing refers to a process of setting cost for labor rates, direct material, and other…

Q: (B Items :Charged to WIP; Factory O/H; Selling and] [Administrative Expenses A) Direct Labor B)…

A: Cost of direct materials and direct labour that is directly related or can be allocated to product…

Q: Ryca, a production employee is paid P180 per hour for a regular work of 40 hours. During the week…

A: This question deals with the calculation of the cost assign to work in progress. Work in progress…