Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need all the answers from all problems in these pages Exerc Exercises: Set B E2-1B The gross earnings of the factory workers for Humphrey
I need all the answers from all problems in these pages
Exerc Exercises: Set B E2-1B The gross earnings of the factory workers for Humphrey Company during the Prepare e ntries for factory month of January are $56,000. The employer's payroll taxes for the factory payroll are $8,000. The fringe benefits to be paid by the employer on this payroll are $5,000. Of the otal accumulated cost of factory labor, 80% is related to direct labor and 20% is attrib- utable to indirect labor Instructions the entry to record the factory labor costs for the month of January (b) Prepare the entry to assign factory labor to production. E2-2B Walken Manufacturing uses a job order accountin r cost accounting system. On May 1, the Prepare journal entries for pany has a balance in Work in Process Inventory of $3,200 and two jobs in process: manufacturing costs Job No. 429 $2,000, and Job No. 430 $1,200. During May, a summary of source documents reveals the following. (50 2.3,4,5) Materials Labor Time Tickets Job Number 429 430 431 Requisition Sli $2,500 $2,200 3,000 7,600 3,600 4.400 $10,500 $12,800 use 11,500 14,300 Manufacturing applies manufacturing overhead to jobs at an overhead rate of Walken 80% of direct labor cost. Job No. 429 is completed during the month (a) Prepare summary journal entries to record: (0) the requisition slips,(i) the time tickets, (ii) the assignment of manufacturing overhead to jobs, and (iv) the completion of Job No. 429 (b) Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets. Analyze a job cost sheet and prepare entries for nan E2-3B A job order cost sheet for Michaels Company is shown below. Job No. 92 For 2,000 Units ufacturing costs (SO 2, 3, 4, 5) Direct Manufacturing Direct Materials 3,925 6,000 Date Labor Overhead 4,200 6,375 3,000 13,575 Beg. bal. Jan. 1 6,000 8,500 4,000 12 25 2,000 11,925 18,500 Cost of completed job: Direct materials Direct labor Manufacturing overhead $11,925 18,500 13,575 $44,000 Total cost Unit cost ($44,000 2,000) 22.00 Instructions (aOn the basis of the foregoing data answer the following questions. (1) What was the balance in Work in Process Inventory on January 1 if this was the only unfinished job? head rate was used in each year? over- (b) Prepare summary entries at January 31 to record the current year's transactions per- taining to Job No. 92. Exerc Exercises: Set B E2-1B The gross earnings of the factory workers for Humphrey Company during the Prepare e ntries for factory month of January are $56,000. The employer's payroll taxes for the factory payroll are $8,000. The fringe benefits to be paid by the employer on this payroll are $5,000. Of the otal accumulated cost of factory labor, 80% is related to direct labor and 20% is attrib- utable to indirect labor Instructions the entry to record the factory labor costs for the month of January (b) Prepare the entry to assign factory labor to production. E2-2B Walken Manufacturing uses a job order accountin r cost accounting system. On May 1, the Prepare journal entries for pany has a balance in Work in Process Inventory of $3,200 and two jobs in process: manufacturing costs Job No. 429 $2,000, and Job No. 430 $1,200. During May, a summary of source documents reveals the following. (50 2.3,4,5) Materials Labor Time Tickets Job Number 429 430 431 Requisition Sli $2,500 $2,200 3,000 7,600 3,600 4.400 $10,500 $12,800 use 11,500 14,300 Manufacturing applies manufacturing overhead to jobs at an overhead rate of Walken 80% of direct labor cost. Job No. 429 is completed during the month (a) Prepare summary journal entries to record: (0) the requisition slips,(i) the time tickets, (ii) the assignment of manufacturing overhead to jobs, and (iv) the completion of Job No. 429 (b) Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets. Analyze a job cost sheet and prepare entries for nan E2-3B A job order cost sheet for Michaels Company is shown below. Job No. 92 For 2,000 Units ufacturing costs (SO 2, 3, 4, 5) Direct Manufacturing Direct Materials 3,925 6,000 Date Labor Overhead 4,200 6,375 3,000 13,575 Beg. bal. Jan. 1 6,000 8,500 4,000 12 25 2,000 11,925 18,500 Cost of completed job: Direct materials Direct labor Manufacturing overhead $11,925 18,500 13,575 $44,000 Total cost Unit cost ($44,000 2,000) 22.00 Instructions (aOn the basis of the foregoing data answer the following questions. (1) What was the balance in Work in Process Inventory on January 1 if this was the only unfinished job? head rate was used in each year? over- (b) Prepare summary entries at January 31 to record the current year's transactions per- taining to Job No. 92Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started