The weekly time tickets Indicate the following distribution of labor hours for three direct labor employoos: Hours Process Job 301 Job 302 Job 303 Improvement Tom Couro 10 13 12 3 David Clancy 11 10 16 3 Joso Cano 13 12 13 2 The direct labor rate earned per hour by the three employees is as follows: $31 Tom Couro David Clancy Jose Cano 34 30 The process improvement category includes training, quality improvement, and other indirect tasks. Required: a Joumakze the entry on May 15 to record the factory labor costs for the week. Refer to the chart of accounts for the exact wording of the account sitios 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 wook. How would the direct labor costs for all three jobs be reflected on the financial statements at the end of the week? CHART OF ACCOUNTS General Ledger ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 131 Materials 132 Work in Process 133 Factory Overhead 134 Finished Goods 141 Supplies 142 Prepaid Insurance 143 Prepaid Expenses 181 Land 191 Factory 192 Accumulated Depreciation Factory EXPENSES 510 Cost of Goods Sold 520 Wages Expense 531 Selling Expenses 532 Insurance Expense 533 Uilities Expense 534 Office Supplies Expenso 540 Administrativo Expenses 560 Depreciation Expense-Factory 590 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 221 Utilities Payablo 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary a. Journalize the entry on July 15 to record the factory labor costs for the week. Pofer to the chart of accounts for the exact wording of the account titles PAGE 10 JOURNAL DATE DESCRIPTION POST REF DEBIT CREDIT 1 Jul 15 Wages Expense 2 3 Aune that Jobs 301 and 302e completed but not sold during the week and that Job 300 remained incomplete at the end of the work. How would the direct labor costs for all three be reflected on the financial statements a the end of the week? Cost of Goods Sold Work In Process Finished Goods Factoy Overhead Job 301 Jo 302 Job 300