FUNDAMENTAL ACCT PRIN TEXT+CONNECT CODE
15th Edition
ISBN: 9781265564483
Author: Wild
Publisher: MCG
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Chapter 20, Problem 24QS
Recording costs of labor
P2
Prepare
- Incurred direct labor of $125,000 (credit Factory Wages Payable).
- Incurred indirect labor of $10,000 (credit Factory Wages Payable).
- Total factory payroll of $135,000 was paid in cash.
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Entries for Costs in a Job Order Cost System
Velasco Co. uses a job order cost system. The following data summarize the operations related to production for July:
a. Materials purchased on account, $710,070
b. Materials requisitioned, $596,460, of which $77,540 was for general factory use
c. Factory labor used, $731,370, of which $138,960 was indirect
d. Other costs incurred on account for factory overhead, $170,420; selling expenses, $262,730; and administrative expenses, $156,220
e. Prepaid expenses expired for factory overhead, $32,660; for selling expenses, $27,690; and for administrative expenses, $19,880
f. Depreciation of office building was $95,150; of office equipment, $48,280; and of factory equipment, $32,660
g. Factory overhead costs applied to jobs, $404,740
h. Jobs completed, $937,290
i. Cost of goods sold, $908,890
Required:
Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank.
a. Materials purchased on…
Prepare journal entries to record the following production activities.
1. Incurred $45,000 of direct labor in the Roasting department and $35,000 of direct labor in the Blending department of direct labor
in production (credit Factory Wages Payable).
2. Incurred $25,000 of indirect labor in production (credit Factory Wages Payable).
3. Paid factory payroll.
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Journal entry worksheet
O
Prepare journal entries to record the following production activities.
1. Incurred $53,000 of direct labor in the Roasting department and $29,000 of direct labor in the Blending department. Credit
Factory Wages Payable.
2. Incurred $19,000 of indirect labor in production. Credit Factory Wages Payable.
View transaction list
Journal entry worksheet
<
A
B
Record direct labor incurred, but not yet paid.
Note: Enter debits before credits.
Transaction
1
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
Chapter 20 Solutions
FUNDAMENTAL ACCT PRIN TEXT+CONNECT CODE
Ch. 20 - Prob. 1DQCh. 20 - Prob. 2DQCh. 20 - Prob. 3DQCh. 20 - Prob. 4DQCh. 20 - Prob. 5DQCh. 20 - Prob. 6DQCh. 20 - Prob. 7DQCh. 20 - Prob. 8DQCh. 20 - Prob. 9DQCh. 20 - Prob. 10DQ
Ch. 20 - Prob. 11DQCh. 20 - Prob. 12DQCh. 20 - Prob. 13DQCh. 20 - Prob. 14DQCh. 20 - Prob. 15DQCh. 20 - Prob. 16DQCh. 20 - Prob. 1QSCh. 20 - Prob. 2QSCh. 20 - Prob. 3QSCh. 20 - Prob. 4QSCh. 20 - Prob. 5QSCh. 20 - Prob. 6QSCh. 20 - Prob. 7QSCh. 20 - Prob. 8QSCh. 20 - Prob. 9QSCh. 20 - Prob. 10QSCh. 20 - Prob. 11QSCh. 20 - Prob. 12QSCh. 20 - Prob. 13QSCh. 20 - Prob. 14QSCh. 20 - Prob. 15QSCh. 20 - Prob. 16QSCh. 20 - Prob. 17QSCh. 20 - Prob. 18QSCh. 20 - Prob. 19QSCh. 20 - Prob. 20QSCh. 20 - Prob. 21QSCh. 20 - Prob. 22QSCh. 20 - Prob. 23QSCh. 20 - Recording costs of labor P2 Prepare journal...Ch. 20 - Prob. 25QSCh. 20 - Prob. 26QSCh. 20 - Prob. 27QSCh. 20 - Prob. 1ECh. 20 - Prob. 2ECh. 20 - Prob. 3ECh. 20 - Prob. 4ECh. 20 - Prob. 5ECh. 20 - Prob. 6ECh. 20 - Prob. 7ECh. 20 - Prob. 8ECh. 20 - Prob. 9ECh. 20 - Prob. 10ECh. 20 - Prob. 11ECh. 20 - Prob. 12ECh. 20 - Prob. 13ECh. 20 - Prob. 14ECh. 20 - Prob. 15ECh. 20 - Prob. 16ECh. 20 - Prob. 17ECh. 20 - Prob. 18ECh. 20 - Exercise 20-19 Production cost flows P1 P2 P3 P4...Ch. 20 - Exercise 20-20
Weighted average: Process cost...Ch. 20 - Exercise 20-21
Recording costs of...Ch. 20 - Prob. 22ECh. 20 - Prob. 23ECh. 20 - Exercise 20-24
Recording cost of completed...Ch. 20 - Prob. 25ECh. 20 - Prob. 26ECh. 20 - Prob. 27ECh. 20 - Prob. 1APSACh. 20 - Prob. 2APSACh. 20 - Prob. 3APSACh. 20 - Prob. 4APSACh. 20 - Prob. 5APSACh. 20 - Prob. 6APSACh. 20 - Prob. 7APSACh. 20 - Prob. 1BPSBCh. 20 - Prob. 2BPSBCh. 20 - Prob. 3BPSBCh. 20 - Prob. 4BPSBCh. 20 - Prob. 5BPSBCh. 20 - Prob. 6BPSBCh. 20 - Prob. 7BPSBCh. 20 - Prob. 20SPCh. 20 - Prob. 20CPCh. 20 - Prob. 1GLPCh. 20 - Prob. 1BTNCh. 20 - Prob. 2BTNCh. 20 - Prob. 3BTNCh. 20 - Prob. 4BTNCh. 20 - Prob. 5BTNCh. 20 - Prob. 6BTNCh. 20 - Prob. 7BTNCh. 20 - Prob. 8BTNCh. 20 - Prob. 9BTN
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