Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Job Question 1) Journalize the entry to record the factory labor costs for each week. If an amount doesn't require an entry, leave it blank.

Job

Question 1) Journalize the entry to record the factory labor costs for each week. If an amount doesn't require an entry, leave it blank. Refer to the picture

image text in transcribed

Question 2) Determine the predetermined shop overhead rate per direct labor hour. Round the answer to the nearest whole cent. Refer to the picture below. Thank you!

image text in transcribed

Entry for Factory Labor Costs 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 Tom Couro 17 13 9 3 David Clancy 12 13 11 3 Jose Cano 13 16 8 6 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 111 Wages Payable Predetermined Factory Overhead Rate Exotic Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts $1,183,700 Shop direct labor 864,000 Shop and repair equipment depreciation 53,400 Shop supervisor salaries 148,500 Shop property taxes 27,000 Shop supplies 20,700 Advertising expense 23,700 Administrative office salaries 101,800 Administrative office depreciation expense 13,000 Total costs and expenses $2,435,800 The average shop direct labor rate is $18.00 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent. per direct labor hour

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial And Accounting Principles In Islamic Finance

Authors: Samir Alamad

1st Edition

3030162982, 9783030162986

More Books

Students also viewed these Accounting questions

Question

What are the other economic side effects of accidents?

Answered: 1 week ago