Survey of Accounting (Accounting I)
Solutions
Survey of Accounting (Accounting I)
Recording factory labor costs
The weekly time tickets indicate the following distribution of labor hours for three direct labor employees:
The direct labor rate earned by the three employees is as follows:
The process improvement category includes training, quality improvement, housekeeping, and other indirect tasks.
a.Determine the amounts of factory labor costs transferred to Work in Process and Factory Overhead for the week.
b.Assume that Jobs 560A and 560B were completed but not sold during the week and that Job 560C remained incomplete at the end of the week. How would the direct labor costs for all three jolts be reflected on the financial statements at the end of the week?
Concept Introduction:
Work in Progress: All the direct material cost, labor cost and the applied manufacturing cost is transferred to the work in progress account from which we convert it into production and then transfer it to finished goods account.
Factory Overhead: All those indirect material cost, indirect labor cost is transferred to the factory overhead account and the applied factory overhead is transferred to the WIP account.
Requirement-1:
To Indicate:
Determine the labor transferred to the work in progress account and labor transferred the factory overhead account.
Factory labor cost transferred to work in progress account= Employee 1+ Employee 2+ Employee 3
= 1116+ 1064+ 720
= 2900.
Employee 1= Job 560A+ Job 560B+ Job 560C
= (15+15+6)* 31
= 1116
Employee 2= ...
Concept Introduction:
Work in Progress: All the direct material cost, labor cost and the applied manufacturing cost is transferred to the work in progress account from which we convert it into production and then transfer it to finished goods account.
Factory Overhead: All those indirect material cost, indirect labor cost is transferred to the factory overhead account and the applied factory overhead is transferred to the WIP account.
Requirement-2:
To Indicate:
Job 1 and Job 2 are completed but Job 3 is incomplete then how we show them in financial statements.
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