Instructions The weekly time tickets indicate the following distribution of labor hours for three direct labor employees: Hours Job 301 Job 302 Job 303 Process Improvement Landon Vincent 10 17 15 1 Fahad Hamad 12 13 13 2 Ivory Argo 9 14 13 1 The direct labor rate earned per hour by the three employees is as follows: Landon Vincent $33 Fahad Hamad Ivory Argo 38 28 The process improvement category includes training, quality improvement, and other indirect tasks. Required: a. Journalize the entry on July 15 to record the factory labor costs for the week. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. 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? a. Journalize the entry on July 15 to record the factory labor costs for the week. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. DATE DESCRIPTION 1 2 3 JOURNAL PAGE 10 ACCOUNTING EQUATION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY