Entry for Factory Labor Costs A summary of the time tickets for the current month follows: Job No. Amount 100 $1,810 101 1,500 104 2,750 108 3,130 Indirect 9,650 111 1,910 115 1,250 117 8,480 Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank.
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Entry for
A summary of the time tickets for the current month follows:
| Job No. | Amount |
| 100 | $1,810 |
| 101 | 1,500 |
| 104 | 2,750 |
| 108 | 3,130 |
| Indirect | 9,650 |
| 111 | 1,910 |
| 115 | 1,250 |
| 117 | 8,480 |
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- Entry for factory labor costs The weekly time tickets indicate the following distribution of labor hours for three direct labor employees: The direct labor rate earned per hour by the three employees is as follows: 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?JOURNAL ENTRIES FOR FACTORY OVERHEAD Huang Company manufactures toys. It keeps a factory overhead account where actual factory overhead costs are recorded as a debit, and factory overhead applied is recorded as a credit. At the end of the month, under- or overapplied factory overhead is calculated and transferred to the cost of goods sold account. For the month of January, Huang had the following overhead transactions. Make appropriate general journal entries to record factory overhead and factory overhead applied, and to close the under- or overapplied factory overhead to the cost of goods sold account. Jan.1 Paid rent, 1,000. 10 Paid electricity bill, 250. 15 Paid repair expense, 1,500. 21 Vacation pay for machine operator, 500 (Wages Payable). 31 Depreciation expense for the month, 450. 31 Factory overhead applied was 3,500.JOURNAL ENTRIES FOR MATERIAL, LABOR, OVERHEAD, AND SALES Micro Enterprises had the following job order transactions during the month of April. Record the transactions in the general journal, including issuance of materials, labor, and factory overhead applied; completed jobs sent to finished goods inventory; closing of the under- or overapplied factory overhead to the cost of goods sold account; and sale of finished goods. Apr.1 Purchased materials on account, 35,000. 10 Issued direct materials to Job No. 33, 10,000. 11 Issued direct materials to Job No. 34, 8,000. 12 Issued direct materials to Job No. 35, 11,000. 25 Incurred direct labor: On Job No. 33, 6,000 On Job No. 34, 4,000 On Job No. 35, 5,000 25 Applied factory overhead: To Job No. 33, 1,500 To Job No. 34, 1,200 To Job No. 35, 1,600 30 Transferred Job Nos. 3335 to the finished goods inventory account as products F, G, and H, respectively. 30 Sold products F, G, and H for 20,000, 16,000, and 22,000, respectively. 30 Actual factory overhead for Job Nos. 3335, 4,220.
- JOB ORDER COSTING WITH UNDER- AND OVERAPPLIED FACTORY OVERHEAD M. Evans Sons manufactures parts for radios. For each job order, it maintains ledger sheets on which it records direct labor, direct materials, and factory overhead applied. The factory overhead control account contains postings of actual overhead costs. At the end of the month, the under- or over applied factory overhead is charged to the cost of goods sold account. Factory overhead is applied on the basis of direct labor hours. For Job Nos. 101, 102,103, and 104, direct labor hours are 12, 000, 10,000, 11, 000, and 18,000, respectively. The overhead application rate is 1.20/direct labor hour. (a) Purchased raw materials on account, 50,000. (b) Issued direct materials: (c) Issued indirect materials to production, 8,000. (d) Incurred direct labor costs: (e) Charged indirect labor to production, 15,000. (f) Paid electricity bill, taxes, and repair fees for the factory and charged to production, 8,000. (g) Depreciation expense on factory equipment, 30,000. (h) Applied factory overhead to Job Nos. 101104 using the predetermined factory overhead rate (see above). (i) Finished Job Nos. 101103 and transferred to the finished goods inventory account as products N, O, and P. (j) Sold products N and for 50,000 and 45,400, respectively. (k) Transferred under- or over applied factory overhead balance to the cost of goods sold account. REQUIRED 1. Prepare general journal entries to record transactions (a) through (k). 2. Post the entries to the work in process and finished goods accounts only and determine the ending balances in these accounts. 3. Compute the balance in the job cost ledger and verify that this balance agrees with that in the work in process control account.Leen Production Co. uses the job order cost system of accounting. The following information was taken from the companys books after all posting had been completed at the end of May: a. Compute the total production cost of each job. b. Prepare the journal entry to transfer the cost of jobs completed to Finished Goods. c. Compute the selling price per unit for each job, assuming a mark-on percentage of 40%. d. Prepare the journal entries to record the sale of Job 1065.Entries and schedules for unfinished jobs and completed jobs Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations: A. Materials purchased on account, 147,000. B. Materials requisitioned and factory labor used: C. Factory overhead costs incurred on account, 6,000. D. Depreciation of machinery and equipment, 4,100. E. The factory overhead rate is 40 per machine hour. Machine hours used: F. Jobs completed: 101, 102, 103, and 105. G. Jobs were shipped and customers were billed as follows: Job 101, 62,900; Job 102, 80,700; Job 105, 45,500. Instructions 1. Journalize the entries to record the summarized operations. 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Insert memo account balances as of the end of the month. 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.
- Entries and schedules for unfinished jobs and completed jobs Kurtz Fencing Inc. uses a job order cost system. The following data summarize the operations related to production for March, the first month of operations: A. Materials purchased on account, 45,000. B. Materials requisitioned and factory labor used: C. Factory overhead costs incurred on account, 1,800. D. Depreciation of machinery and equipment, 2,500. E. The factory overhead rate is 30 per machine hour. Machine hours used: F. Jobs completed: 301, 302, 303, and 305. G. Jobs were shipped and customers were billed as follows: Job 301, 8,500; Job 302, 16,150; Job 303, 13,400. Instructions 1. Journalize the entries to record the summarized operations. 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Insert memo account balances as of the end of the month. 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.Terrills Transmissions uses a job order cost system. A partial list of the accounts being maintained by the company, with their balances as of November 1, follows: The following transactions were completed during November: a. Materials purchases on account during the month, 74,000. b. Materials requisitioned during the month: 1. Direct materials, 57,000. 2. Indirect materials, 11,000. c. Direct materials returned by factory to storeroom during the month, 1,100. d. Materials returned to vendors during the month prior to payment, 2,500. e. Payments to vendors during the month, 68,500. Required: 1. Prepare general journal entries for each of the transactions. 2. Post the general journal entries to T-accounts. 3. Balance the accounts and report the balances of November 30 for the following: a. Cash b. Materials c. Accounts PayableJOURNAL ENTRIES FOR MATERIAL, LABOR, AND OVERHEAD Eto Manufacturing had the following transactions during the month: (a) Purchased raw materials on account, 70,000. (b) Issued direct materials to Job No. 300, 25,000. (c) Issued indirect materials to production, 10,000. (d) Paid biweekly payroll and charged direct labor to Job No. 300, 8,000. (e) Paid biweekly payroll and charged indirect labor to production, 3,000. (f) Issued direct materials to Job No. 301, 20,000. (g) Issued indirect materials to production, 4,000. (h) Paid miscellaneous factory overhead charges, 6,000. (i) Paid biweekly payroll and charged direct labor to Job No. 301, 10,000. (j) Paid biweekly payroll and charged indirect labor to production, 2,000. REQUIRED Prepare general journal entries for transactions (a) through (j).
- JOB ORDER COSTING WITH UNDER- AND OVERAPPLIED FACTORY OVERHEAD M Evans Sons manufactures parts for radios. For each job order, it maintains ledger sheets on which it records direct labor, direct materials, and factory overhead applied. The factory overhead control account contains postings of actual overhead costs. At the end of the month, the under- or overapplied factory overhead is charged to the cost of goods sold account. Factory overhead is applied on the basis of direct labor hours. For Job Nos. 101, 102, 103, and 104, direct labor hours are 12,000, 10,000, 11,000, and 18,000, respectively. The overhead application rate is 1.20/direct labor hour (a) Purchased raw materials on account, 50,000. (b) Issued direct materials: (c) Issued indirect materials to production, 8,000. (d) Incurred direct labor costs: (e) Charged indirect labor to production, 15,000. (f) Paid electricity bill, taxes, and repair fees for the factory and charged to production, 8,000. (g) Depreciation expense on factory equipment, 30,000. (h) Applied factory overhead to Job Nos. 101-104 using the predetermined factory overhead rare (see above). (i) Finished Job Nos. 101-103 and transferred to the finished goods inventory account as products N, O, and P. (j) Sold products N and O for 50,000 and 45,400, respectively. (k) Transferred under- or overapplied factory overhead balance to the cost of goods sold account. REQUIRED 1. Prepare general journal entries to record transactions (a) through (k). Make compound entries for (b), (d), and (h), with separate debits for each job. 2. Post the entries to the work in process and finished goods T accounts only and determine the ending balances in these accounts. 3. Compute the balance in the job cost ledger and verify that this balance agrees with that in the work in process control account.Summary information from a companys job cost sheets shows the following information: What are the balances in the work in process inventory, finished goods Inventory, and cost of goods sold for April, May, and June?JOURNAL ENTRIES FOR MATERIAL. LABOR, OVERHEAD, AND SALES Alert Enterprises had the following job order transactions during the month of April. Record the transactions in the general journal, including issuance of materials, labor, and factory overhead applied; completed jobs sent to finished goods inventory; closing of the under- or overapplied factory overhead to the cost of goods sold account; and sale of finished goods. Make compound entries for both transactions dared April 25, with separate debits for each job.
