The gross earnings of the factory workers for Concord Company during the month of January are $73,000. Of the total accumulated cost of factory labor, 81% is related to direct labor and 19% is attributable to indirect labor.
(a) | Record the factory labor costs for the month of January. | |
(b) | Assign factory labor to production. |
Manufacturing Costs | |||||
Raw material Inventory | Factory Labor | Manufacturing Overhead | Work in process inventory | ||
(a) | Incurred Factory Labor | $ 73,000 | |||
(b) | Direct Labor | $ -59,130 | $ 59,130 | ||
(c) | Indirect Labor | $ -13,870 | $ 13,870 | ||
Balance | 0 | 0 | $ 13,870 | $ 59,130 |
Note: Must put minus sign while posting answer
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