Principles of Cost Accounting
17th Edition
ISBN: 9781305087408
Author: Edward J. Vanderbeck, Maria R. Mitchell
Publisher: Cengage Learning
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Chapter 3, Problem 11P
1.
To determine
Prepare necessary
2.
To determine
Prepare necessary journal entries to record the various
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Principles of Cost Accounting
Ch. 3 - What is the difference between direct and indirect...Ch. 3 - Prob. 2QCh. 3 - Prob. 3QCh. 3 - In production work teams, output is dependent upon...Ch. 3 - Define productivity.Ch. 3 - Prob. 6QCh. 3 - Prob. 7QCh. 3 - Prob. 8QCh. 3 - Prob. 9QCh. 3 - What are the sources for posting direct labor cost...
Ch. 3 - What are the sources for posting indirect labor...Ch. 3 - In accounting for labor costs, what is the...Ch. 3 - Prob. 13QCh. 3 - Prob. 14QCh. 3 - Besides FICA, FUTA and state unemployment taxes,...Ch. 3 - Prob. 16QCh. 3 - Prob. 17QCh. 3 - Prob. 18QCh. 3 - What is a shift premium, and how is it usually...Ch. 3 - Prob. 20QCh. 3 - Prob. 21QCh. 3 - Prob. 22QCh. 3 - Prob. 23QCh. 3 - Prob. 24QCh. 3 - Prob. 25QCh. 3 - R. Herbert of Crestview Manufacturing Co. is paid...Ch. 3 - Recording payroll Using the earnings data...Ch. 3 - Prob. 3ECh. 3 - Peggy Nolan earns 20 per hour for up to 300 units...Ch. 3 - Overtime Allocation Arlin Fabrication Company...Ch. 3 - Prob. 6ECh. 3 - Davis, Inc. paid wages to its employees during the...Ch. 3 - Recording the payroll and payroll taxes Using the...Ch. 3 - Prob. 9ECh. 3 - The total wages and salaries earned by all...Ch. 3 - The total wages and salaries earned by all...Ch. 3 - A weekly payroll summary made from labor time...Ch. 3 - Prob. 13ECh. 3 - Accounting for bonus and vacation pay Cathy Muench...Ch. 3 - Prob. 15ECh. 3 - Prob. 16ECh. 3 - Payroll computation with incentive bonus Fifteen...Ch. 3 - Prob. 2PCh. 3 - Prob. 3PCh. 3 - Payroll for piece-rate wage system Collier...Ch. 3 - A rush order was accepted by Bartley's Conversions...Ch. 3 - The following form is used by Matsuto...Ch. 3 - Payment and distribution of payroll The general...Ch. 3 - Prob. 8PCh. 3 - An analysis of the payroll for the month of...Ch. 3 - Prob. 10PCh. 3 - Prob. 11PCh. 3 - Prob. 12PCh. 3 - Prob. 13PCh. 3 - Using the information in P3-13, prepare the...Ch. 3 - Pan-Am Manufacturing Co. prepares cost estimates...Ch. 3 - Incentive wage plan David Kelley is considering...Ch. 3 - Huron Manufacturing Co. uses a job order cost...
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- The total wages and salaries earned by all employees of James Industries during the month of February, as shown in the labor cost summary and the schedule of fixed administrative and sales salaries, are classified as follows: a. Prepare a journal entry to distribute the wages earned during February. b. What is the total amount of payroll taxes that will be imposed on the employer for the payroll, assuming that three administrative employees with combined earnings this period of 4,500 have exceeded 8,000 in earnings prior to the period?arrow_forwardR. Herbert of Crestview Manufacturing Co. is paid at the rate of 20 an hour for an eight-hour day, with time-and-a-half for overtime and double-time for Sundays and holidays. Regular employment is on the basis of 40 hours a week, five days a week. At the end of a week, the labor time record shows the following: Because jobs are randomly scheduled for the overtime period, any overtime premium is charged to Factory Overhead. a. Compute Herberts total earnings for the week. b. Present the journal entry to distribute Herberts total earnings. (Note: These single journal entries here and in E3-2, E3-3, E3-4, E3-8 and E3-9 are for the purpose of illustrating the principle involved. Normally, the entries would be made for the total factory payroll plus the administrative and sales payroll.)arrow_forwardA weekly payroll summary made from labor time records shows the following data for Pima Company: Overtime is payable at one-and-a-half times the regular rate of pay and is distributed to all jobs worked on during the period. a. Determine the net pay of each employee. The income taxes withheld for each employee amount to 15% of the gross wages. b. Prepare journal entries for the following: 1. Recording the payroll. 2. Paying the payroll. 3. Distributing the payroll. (Assume that the overtime premium will be charged to all jobs worked on during the period.) 4. The employers payroll taxes. (Assume that none of the employees has achieved the maximum wage bases for FICA and unemployment taxes.)arrow_forward
- An analysis of the payroll for the month of November for CinMar Inc. reveals the information shown: All regular time Andrews, Lomax, and Herzog are production workers, and Dimmick is the plant manager. Hendrick is in charge of the office. Cumulative earnings paid (before deductions) in this calendar year prior to the payroll period ending November 8 were as follows: Andrews, 21,200; Lomax, 6,800; Herzog, 11,500; Dimmick, 116,200; and Hendrick, 32,800. The solution to this problem requires the following forms, using the indicated column headings: 1. Prepare an employee earnings record for each of the five employees. 2. Prepare a payroll record for each of the four weeks. 3. Prepare a labor cost summary for the month. 4. Prepare journal entries to record the following: a. The payroll for each of the four weeks. b. The payment of wages for each of the four payrolls. c. The distribution of the monthly labor costs per the labor cost summary. d. The company's payroll taxes covering the four payroll periods.arrow_forwardA company has the following transactions during the week. Purchase of $1,000 raw materials inventory Assignment of $500 of raw materials inventory to Job 5 Payroll for 20 hours with $1,000 assigned to Job 5 Factory utility bills of $750 Overhead applied at the rate of $10 per hour What is the cost assigned to Job 5 at the end of the week?arrow_forwardA company has the following transactions during the week. Purchase of $3,000 raw materials inventory Assignment of $700 of raw materials inventory to Job 7 Payroll for 10 hours and $3,000 is assigned to Job 7 Factory depreciation of $1,750 Overhead applied at the rate of $200 per hour What is the cost assigned to Job 7 at the end of the week?arrow_forward
- Wages Payable Denton Corporation employs 50 workers in its plant. Each employee is paid $10 per hour and works seven hours per day, Monday through Friday. Employees are paid every Friday. The last payday was Friday, September 19. Required Compute the dollar amount of the weekly payroll. Prepare the journal entry on Friday, September 26, for the payment of the weekly payroll. Denton prepares monthly financial statements. Prepare the adjusting journal entry on Tuesday, September 30, the last day of the month. Prepare the journal entry on Friday, October 3, for the payment of the weekly payroll. Will net income for the month of September be understated or overstated if Denton doesnt bother with an adjusting entry on September 30? Explain your answer.arrow_forwardPrepare the journal entry to record the factory wages of $28,000 incurred for a single production department assuming payment will be made in the next pay period.arrow_forwardHunter Sobitson, a waiter at the Twentieth Hole restaurant, worked 43 hours this week and collected over 650 in tips. The restaurant uses the full tip credit against the minimum wage and pays Sobitson the minimum required for tipped employees. Determine his gross pay from the restaurant. a. Pay for the 40 hours_________ b. Pay for overtime hours_________arrow_forward
- Prepare the journal entry to record the factory wages of $25,000 incurred in the processing department and $15,000 incurred in the production department assuming payment will be made in the next pay period.arrow_forwardConnie Gibbs collected a 2,000 bonus for her departments safety record for the year (52 weeks). During that year, Gibbs worked an average of 44 hours each week. Calculate the extra overtime pay due Gibbs for that year. Extra overtime pay...................................... _______arrow_forwardPotts, Inc., recently converted from a 5-day, 40-hour workweek to a 4-day, 40-hour workweek, with overtime continuing to be paid at one and one-half times the regular hourly rate for all hours worked beyond 40 in the week. In this company, time is recorded under the continental system, as shown on the time card on the following page. Sue Ellen Boggs is part of the Group B employees whose regular workweek is Tuesday through Friday. The working hours each day are 800 to 1200; 1230 to 1630; and 1800 to 2000. The company disregards any time before 800, between 1200 and 1230, and between 1630 and 1800, and permits employees to ring in up to 10 minutes late before any deduction is made for tardiness. Deductions are made to the nearest of an hour for workers who are more than 10 minutes late in ringing in. Refer to the time card and compute: a. The daily total hours ..........................................................................___________ b. The total hours for the week ...............................................................___________ c. The regular weekly earnings ................................................................___________ d. The overtime earnings (company rounds O.T. rate to 3 decimal places)___________ e. The total weekly earnings .....................................................................__________arrow_forward
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