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Please help, this is question 1 and 4 on my homework. I did almost all of question 4 I just need some help on the
Please help, this is question 1 and 4 on my homework. I did almost all of question 4 I just need some help on the last parts. In case you need it, I included the journal entry for question 4. Thanks!
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 Landon Vincent 9 18 11 2. Fahad Hamad 11 15 13 1 Ivory Argo 8 20 9 3 The direct labor rate earned per hour by the three employees is as follows: Landon Vincent $35 Fahad Hamad 36 Ivory Argo 28 @ Journalize the entry on July 1510 record the factory labor costs for the week Refer to the chart of accounts for the exact warding of the account titles CNOWjoumais 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 PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY Kaymer Industries inc uses a job order cost svatem. The following data summarize the operations related to production for January, the nurst month of operations a Materials purchased on account. $33, 100 Materials requisitioned and factory labor used Job Materials Factory Labor 301 $2,740 $5,460 302 3.980 2,930 303 2,570 3,070 304 8,850 8,520 1.840 305 6,210 306 4.290 6.110 For general factory use 1,200 4,520 c. Factory overhead costs incurred on account, $6,470 d Depreciation of factory machinery and equipment $1,790 e The factory overhead rate is $65 per machine hour Machine hours used: Job Machine Hours 301 52 302 28 303 44 304 65 305 36 306 79 Total 304 f. Jobs completed: 301, 302, 303, and 305. 9. Jobs were shipped and customers were billed as follows: Job 301, $23,450, Job 302, $19,210; Job 303, $17,360. JOURNAL Score: 225/225 ACCOUNTING EQUATION DATE DESCRIPTION POSE REF DEBIT CREDIT LIABILITIES EQUITY 1 Jan 31 Materials 33,100.00 1 1 33,100.00 Accounts Payable Jan. 31 Work in Process 1 5 56,570.00 1 Factory Overhead 5.720.00 1 5 Materials 29,840.00 1 32.450.00 1 6,470.00 1 6,470.00 1 1.790,00 Wages Payable Jan. 31 Factory Overhead Accounts Payable Jan. 31 Factory Overhead Accumulated Depreciation Machinery and Equipment Jan. 31 Work in Process Factory Overhead Jan. 31 Finished Goods TO 1.790,00 . 11 19.760,00 1 19.760,00 . 13 39,200.00 1 14 Work in Process 39,200.00 15 Jan 31 Accounts Receivable 60.020.00 1 16 Sales 60,020,00 1 11 Jan. 31" Cost of Goods Sold 28.810.00 11 Finished Goods 28,810,00 Work in Process e Bal. Finished Goods g Bal Kaymer Industries Inc. Score: 0/47 Schedule of Unfinished Jobs Direct Materials 1 Job Direct Labor Factory Overhead Total 2 3 4 Balance of Work in Process, January 30 Score: 0/21 Kaymer Industries Inc Schedule of Completed Jobs Direct Materials 1 Job Direct Labor Factory Overhead Total 2 1.
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