During the first quarter, Sunland Company incurs the following direct labour conte January $44,400, February $55,400, and March $69.200 For each month, prepare the entry to assign overed to production using a predetermined rate of 93% of direct lacosts date journal entries at the end of the month). (Lat all debit entries before credit entries. Credit account sites are automatically indented when amount is entered. Do not indent manually Account Titles and Explanation Date Debit Credit
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- Desiccate purchases direct materials each month. Its payment history shows that 70% is paid in the month of purchase with the remaining balance pad the month after purchase. Prepare a cash payment schedule for March if in January through March, it purchased $35,000, $37,000, and $39,000, respectively.During the first quarter, Francum Company incurs the following direct labor costs: January $ 40,000, February $ 30,000, and March $ 50,000.For each month, prepare the entry to assign overhead to production using a predetermined rate of 70% of direct labor cost. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit CreditDuring the first quarter, France Company incurs the following direct labor costs: January $53,600, February $51,700, and March $70,700. For each month, prepare the entry to assign overhead to production using a predetermined rate of 75% of direct labor cost. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
- The accountant for Barry Ltd compares each month’s actual results with a monthly plan. The standard direct labour rates and the standard hours allowed, given the actual output in April, are shown in the following schedule:Standard direct labour rate per hour Standard direct labour hours given April output allowed, Labour class III $26.00 1,000Labour class II $22.00 1,000Labour class I $12.00 1,000A new union contract negotiated in March resulted in actual wage rates that differed from the standard rates. The actual direct labour hours worked and the actual direct labour rates per hour for April were as follows. Actual direct labour rate per hour Actual direct labour hoursLabour class III $30.00 1,100Labour class II…The accountant for Barry Ltd compares each month’s actual results with a monthly plan. The standarddirect labour rates and the standard hours allowed, given the actual output in April, are shown in thefollowing schedule:Standard direct labour rate per hour Standard direct labour hours allowed,given April outputLabour class III $26.00 1,000Labour class II $22.00 1,000Labour class I $12.00 1,000A new union contract negotiated in March resulted in actual wage rates that differed from thestandard rates. The actual direct labour hours worked and the actual direct labour rates per hour forApril were as follows.Actual direct labour rate per hour Actual direct labour hoursLabour class III $28.00 1,100Labour class II $23.00 1,300Labour class I $14.00 750Discuss two advantages and two disadvantages of a standard costing system in which the standarddirect labour rates per hour are not changed during the year to reflect events such as a new labourcontractBerger Mortgage Co. provides the following data on its loan application processing activities for the month of February: Move time Wait time 18 hours 63 hours 230 hours Process time Storage time Inspection time 15 hours 22 hours Compute the cycle efficiency for February:
- Desiccate purchases direct materials each month. Its payment history shows that 70% is paid in the month of purchase with the remaining balance paid the month after purchase. Prepare a cash payment schedule for March if in January through March, it purchased $39,000, $37,000, and $42,000, respectively. Cash paid in March Month of purchase Month after purchase TotalThe accountant for Barry Ltd compares each month’s actual results with a monthly plan. The standarddirect labor rates and the standard hours allowed, given the actual output in April, are shown in thefollowing schedule:Standard direct labor rate per hour Standard direct labor hours allowed,given April outputLabour class III $26.00 1,000Labour class II $22.00 1,000Labour class I $12.00 1,000A new union contract negotiated in March resulted in actual wage rates that differed from thestandard rates. The actual direct labor hours worked and the actual direct labor rates per hour forApril was as follows.Actual direct labor rate per hour Actual direct labor hoursLabour class III $28.00 1,100Labour class II $23.00 1,300Labour class I $14.00 750Required:a) Calculate the following variances for April, indicating whether each is favorable or unfavorable:I direct labor rate variance for each labor class.ii direct labor efficiency variance for each labor class.b) Discuss two advantages and two…Direction: Show the journal entries in the transactions given below. If the problem is silent about the overtime premium use the minimum 25%. Half human, half zombie for president manufacturing corp. A newly established business had the following transaction for the 1st month of its operation: A. Purchase of raw materials on account amounting to P650,000 B. Details for computation of payroll for the month are as follows: DIRECT LABOR INDIRECTLABOR SELLING AND ADMINPERSONNEL NUMBER OF EMPLOYEES 30 6 12 RATE PER DAY P600 P800 P500 TOTAL NUMBER OF REGULAR HOURSWORKED 5,280 1,056 2,112 TOTAL NUMBER OF OVERTIME 125 10 0 TAX WITHHELD P0.00 P0.00 P0.00 MANDATORY CONTRIBUTIONS - EMPLOYEE P23,600 P5,320 P9,600 MANDATORY CONTRIBUTIONS -EMPLOYER P43,820 P9,880 P17,820 C. 60% of overtime work is because of rush jobs d. Factory overhead is applied at 80% of direct labor e. Only 90% of raw materials available for use was issued to production (25% indirect materials) f.…
- All Temps has a policy of always paying within the discount period, and each of its suppliers provides a discount of 2% if paid within 10 days of purchase. Because of the purchase policy, 80% of its payments are made in the month of purchase and 20% are made the following month. The direct materials budget provides for purchases of $23,812 in February, $23,127 in March, $21,836 in April, and $28,173 in May.What is the balance in accounts payable for April 30, and May 31?Peggy Nolan earns 20 per hour for up to 300 units of production per day. If she produces more than 300 units per day, she will receive an additional piece rate of .5333 per unit. Assume that her hours worked and pieces finished for the week just ended were as follows: a. Determine Nolans earnings for each day and for the week. (Round piece-rate computations to the nearest whole dollar.) b. Prepare the journal entry to distribute the payroll, assuming that any make-up guarantees are charged to Factory Overhead.Berger Mortgage Co. provides the following data on its loan application processing activities for the month of February: Move time 18 hours Wait time 63 hours Process time 230 hours Storage time 15 hours Inspection time 22 hours Compute the cycle efficiency for February: ________
