Homework Answers
Time tickets is a log book which contains the no. of hours a worker has worked. On the basis of this time tickets the payroll is calculated which is based on the no. of hours worked by the worker.
So Option A is answer
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The basis for the journal entry recording direct labor for the period is a summary of...
The basis for recording direct and indirect labor costs incurred is a summary of the period's...
The basis for recording direct and indirect labor costs incurred is a summary of the period's a. job order cost sheets b. time tickets c. employees' earnings records d. clock cards
QUESTION 12 The basis for recording direct and indirect labor costs incurred is a summary of...
QUESTION 12 The basis for recording direct and indirect labor costs incurred is a summary of the period's a. time tickets b. clock cards c. employees' earnings records d.job order cost sheets
JUB N8. 429 is completed during the month. Instructions (a) Prepare summary journal entries to record...
JUB N8. 429 is completed during the month. Instructions (a) Prepare summary journal entries to record (1) the requisition slips, (2) the time tickets, (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Job No. 429. (b) Post the entries to Work in Process Inventory, and prove the agreement of the cont rol account with the job cost sheets. (Use a Taccount.) E2-3 A job order cost sheet for Ryan Company is shown below. Ar Job...
If Monet Designs records expenses in the time period when incurred, which basis of accounting are...
If Monet Designs records expenses in the time period when incurred, which basis of accounting are they using? O A Cash basis OB. Adjustment basis OC Accrual basis OD. Expense basis Revenues are: O A. subtractions from net income. O B. additions to dividends. O c. additions to Retained Earnings. O D. subtractions from Retained Earnings. The adjusted balance for Prepaid Insurance is a 55 224 debit, Insurance Expense for the priod was 51 436. What was the balance for...
2.Recording Direct Labor and Factory Overhead Chamlee Industries Inc. manufactures recreational vehicles. Chamlee Industries uses a...
2.Recording Direct Labor and Factory Overhead Chamlee Industries Inc. manufactures recreational vehicles. Chamlee Industries uses a job order cost system. The time tickets from May jobs are summarized below. Job 5-100 $8,320 Job 5-101 5,070 Job 5-102 6,240 Job 5-103 3,770 Factory supervision 2,275 Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $35 per direct labor hour. The direct labor rate is $35 per hour. a. Determine the total factory labor costs transferred...
28 Which of the following are the two main types of cost accounting systems for manufacturing...
28 Which of the following are the two main types of cost accounting systems for manufacturing operations? a process cost and general accounting systems b. job order cost and process cost systems c. job order and general accounting systems d. process cost and replacement cost systems 29. For which of the following businesses would the job order cost system be appropriate a. canned soup processor b. oil refinery c. lumber mill d. hospital 30. For which of the following businesses...
Time tickets for factory employees during the month of August are summarized as follows. Prepare a journal entry to reco...
Time tickets for factory employees during the month of August are summarized as follows. Prepare a journal entry to record the total factory payroll, the indirect payroll and the direct payroll. You may exclude explanations JOb 919..................$ 9,800 Job 920................... 14,650 job 921.................... 12,250 job 922......................16,000 total direct labor.......$52,700 Indirect Labor...........16,800 Total Labor Cost.......$69,500
Recording Direct Labor and Factory Overhead Chamlee Industries Inc. manufactures recreational vehicles. Chamlee Industries uses a...
Recording Direct Labor and Factory Overhead Chamlee Industries Inc. manufactures recreational vehicles. Chamlee Industries uses a job order cost system. The time tickets from May jobs are summarized below. Job 5-100 $10,880 Job 5-101 6,630 Job 5-102 8,160 Job 5-103 4,930 Factory supervision 2,975 Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $35 per direct labor hour. The direct labor rate is $30 per hour. a. Determine the total factory labor costs transferred...
Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the...
Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $244.500 and 9,500 estimated direct labor hours. Actual manufacturing overhead for the year amounted to $245,200 and actual direct labor-hours were 6,200. The overhead for the year was: (Round your intermediate calculations to 2 decimal places.) Multiple Choice 0 $84.912 underapplied O o $85,612 underapplied O o $84,912 overapplied...
Calculator When Job 117 was completed, direct materials totaled $13,328; direct labor, $20,222; and factory overhead,...
Calculator When Job 117 was completed, direct materials totaled $13,328; direct labor, $20,222; and factory overhead, $12,410. A total of 1,915 units were produced at a per-unit cost of Oa. $1,915 Ob $45.960 Oc. $33,550 Od $24 Direct labor and direct materials are Oa. period costs and expensed when incurred Ob. product costs and expensed when incurred Oc: period costs and expensed when the goods are sold Od product costs and expensed when the goods are sold
QUESTION 12 The basis for recording direct and indirect labor costs incurred is a summary of the period's a. time tickets b. clock cards c. employees' earnings records d.job order cost sheets
JUB N8. 429 is completed during the month. Instructions (a) Prepare summary journal entries to record (1) the requisition slips, (2) the time tickets, (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Job No. 429. (b) Post the entries to Work in Process Inventory, and prove the agreement of the cont rol account with the job cost sheets. (Use a Taccount.) E2-3 A job order cost sheet for Ryan Company is shown below. Ar Job...
If Monet Designs records expenses in the time period when incurred, which basis of accounting are they using? O A Cash basis OB. Adjustment basis OC Accrual basis OD. Expense basis Revenues are: O A. subtractions from net income. O B. additions to dividends. O c. additions to Retained Earnings. O D. subtractions from Retained Earnings. The adjusted balance for Prepaid Insurance is a 55 224 debit, Insurance Expense for the priod was 51 436. What was the balance for...
28 Which of the following are the two main types of cost accounting systems for manufacturing operations? a process cost and general accounting systems b. job order cost and process cost systems c. job order and general accounting systems d. process cost and replacement cost systems 29. For which of the following businesses would the job order cost system be appropriate a. canned soup processor b. oil refinery c. lumber mill d. hospital 30. For which of the following businesses...
Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $244.500 and 9,500 estimated direct labor hours. Actual manufacturing overhead for the year amounted to $245,200 and actual direct labor-hours were 6,200. The overhead for the year was: (Round your intermediate calculations to 2 decimal places.) Multiple Choice 0 $84.912 underapplied O o $85,612 underapplied O o $84,912 overapplied...
Calculator When Job 117 was completed, direct materials totaled $13,328; direct labor, $20,222; and factory overhead, $12,410. A total of 1,915 units were produced at a per-unit cost of Oa. $1,915 Ob $45.960 Oc. $33,550 Od $24 Direct labor and direct materials are Oa. period costs and expensed when incurred Ob. product costs and expensed when incurred Oc: period costs and expensed when the goods are sold Od product costs and expensed when the goods are sold
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