Question

ne mooth xcel EZI (LO 1,2), AP The wages navable related to factory workers for Larkin Company during the monu payroll are $8,000. The fringe ben January are $76,000. The employer's payroll taxes for the factory payron ccumulated cost of factory labor, 8 to be paid by the employer on this payroll are $6,000. Of the total accumulate ed to direct labor and 15% is attributable to indirect labor. Instructions a. Prepare the entry to record the factory labor costs for the month on b. Prepare the entry to assign factory labor to production. E2.2 (LO 1, 2, 3, 4), AP Stine Company uses a job order cost system. system. On May 1, the company has a rocess: Job No. 429 $2,000, and Job balance in Work in Process Inventory of $3.500 and two jobs in process No. 430 $1,500. During May, a summary of source documents reveals the following. Materials Labor Job Number Requisition Slips Time Tickets 429 $2,500 $1,900 430 3,500 3,000 431 4,400 $10,400 7,600 $12,500 General use 800 1,200 $11,200 $13,700 Stine Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cos Job No. 429 is completed during the month. Instructions

Answer 1

E.2.1

(a). Entry to record factory labor cost

Account Titles and Explanation Debit Credit

Factory Labor (76,000 + 8,000 + 6,000) 90,000

Factory Wages Payable 76,000

Employer Payroll Taxes Payable   8,000

Employer Fringe Benefits Payable 6,000

(b). Entry to assign factory labor to production

Account Titles and Explanation Debit Credit

Work in Process Inventory (90,000 * 85%) 76,500

Manufacturing Overhead (90,000 * 15%) 13,500

Factory Labor 90,000

E.2.2.

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