Entry for Factory Labor Costs The weekly time tickets indicate the following distribution of labor hours for three direct labor employees: Hours Process Job 301 Job 302 Job 303 Improvement Tom Couro 17 14 David Clancy 13 11 Jose Cano 14 14 The direct labor rate earned per hour by the three employees is as follows: Tom Couro $23 David Clancy 17 Jose Cano 20 The process improvement category includes training, quality improvement, and other indirect tasks, a. Journalize the entry to record the factory labor costs for the week. If an amount box does not require an entry, leave it blank. Work in Process Factory Overhead Wages Payable b. Assume that Jobs 301 and 302 were completed but not sold during the week and that Job 303 remained incomplete at the end of the week. How would the direct labor costs for all three jobs be reflected on the financial statements at the end of the week? The direct labor costs for the completed jobs would become part of the finished goods inventory The direct labor costs for Job 303 would be remain part of the cost of goods sold