Prepare the journal entry to record the factory wages of $14,000 incurred for a single production department assuming payment will be made in the next pay period.
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Given in the question:
Factory wages = $14,000
The wages will be made on the next pay period; it shows that there is a liability over the company for such wages of the amount $14,000
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- Bangor Products Co. obtained the following information from its records for April: Required: 1. Prepare, in summary form, the journal entries that would have been made during the month to record issuing materials to production, the distribution of labor, and overhead costs; the completion of the jobs; and the sale of the jobs. 2. Prepare schedules computing the following for April: a. The gross profit or loss for each job completed and for the business as a whole. b. For each job, the gross profit or loss per unit. (Round to the nearest cent.)Prepare 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.Gerken Fabrication Inc. 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 March: a. Compute the total production cost of each job. b. Prepare the journal entries to charge the costs of materials, labor, and factory overhead to Work in Process. c. Prepare the journal entry to transfer the cost of jobs completed to Finished Goods. d. Compute the unit cost of each job. e. Compute the selling price per unit for each job, assuming a mark-on percentage of 50%.
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- 2 Record the cost of Indirect labor used. Note: Enter debits before credits. Transaction b. Record entry General Journal Clear entry Debit Credit View general journalA company that uses job order costing incurred a monthly factory payroll of $200,000. Of this amount, $52,000 is indirect labor and $148,000 is direct labor. Prepare journal entries to record the (a) use of direct labor and (b) use of indirect labor. View transaction list Journal entry worksheet 1 2 > Record the cost of direct labor used. Note: Enter debits before credits. Transaction General Journal Debit Credit а. Record entry Clear entry View general journalCavy Company accumulated 550 hours of direct labor on Job 345 and 880 hours on Job 777. The direct labor was incurred at a rate of $16 per direct labor hour for Job 345 and $26 per direct labor for Job 777. Journalize the entry to record the flow of labor costs into production. If an amount box does not require an entry, leave it blank. CashFactory OverheadWage ExpenseWages PayableWork in Progree
- The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $210,000. b. Raw materials used in production, $192,000 ($153,600 direct materials and $38,400 indirect materials). c. Accrued direct labor cost of $48,000 and indirect labor cost of $22,000. d. Depreciation recorded on factory equipment, $105,000. e. Other manufacturing overhead costs accrued during October, $131,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $6 per machine-hour. A total of 76,500 machine-hours were used in October. g. Jobs costing $513,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $452,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 24% above cost. Required: 1. Prepare journal entries to record the transactions given…Prepare journal entries to record the production activities. Paid factory payroll of $95,000.Cavy Company accumulated 550 hours of direct labor on Job 567 and 760 hours on Job 999. The direct labor was incurred at a rate of $16 per direct labor hour for Job 567 and $25 per direct labor for Job 999. Journalize the entry for the flow of labor costs into production. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank
