Weekly time tickets

1.The weekly time tickets indicate the following distribution of labor hours for three direct labor employees:

Hours
Process
Job 301Job 302Job 303Improvement
Tom Couro1015132
David Clancy1212142
Jose Cano1113151

The direct labor rate earned per hour by the three employees is as follows:

Tom Couro$32
David Clancy36
Jose Cano28

The process improvement category includes training, quality improvement, and other indirect tasks.

Answers
A.Journalize the entry on July 15 to record the factory labor costs for the week. (3 Journal Entries)
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?
Cost of Goods SoldWork In ProcessFinished GoodsFactoy Overhead
Job 301
Job 302
Job 303

___________________________________________________________________________________

2.Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $8,000 of indirect materials and $12,400 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month are as follows, in summary form:

Job 301
Direct materials$10,000
Direct labor8,000
Factory overhead6,000
Total$24,000
Job 302
Direct materials$20,000
Direct labor17,000
Factory overhead12,750
Total$49,750
Job 303
Direct materials$24,000
Direct labor18,000
Factory overhead
Job 304
Direct materials$14,000
Direct labor12,000
Factory overhead

Required:

Journalize the Jan. 31 summary entries to record each of the following operations for January (one entry for each operation). Refer to the Chart of Accounts for exact wording of account titles.A. Direct and indirect materials used.B. Direct and indirect labor used.C. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost).D. Completion of Jobs 301 and 302.

_____________________________________________________________________________________

3.Tybee Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January 2016, the first month of operations:

a. Materials purchased on account, $29,800.
b. Materials requisitioned and factory labor used:
JobMaterialsFactory Labor
301$ 2,960$2,775
3023,6203,750
3032,4001,875
3048,1006,860
3055,1005,250
3063,7503,340
For general factory use1,0804,100
c. Factory overhead costs incurred on account, $5,500.
d. Depreciation of machinery and equipment, $1,980.
e. The factory overhead rate is $54 per machine hour. Machine hours used:
JobMachine Hours
30125
30236
30330
30472
30540
30625
Total228
f. Jobs completed: 301, 302, 303 and 305.
g. Jobs were shipped and customers were billed as follows: Job 301, $8,250; Job 302, $11,200; Job 303, $15,000.
Required:
A.Journalize the entries to record the summarized operations. Record each item (items a-f) as an individual entry on January 31. Record item g as 2 entries. Refer to the Chart of Accounts for exact wording of account titles. (18 journal entries)
B.Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Insert memo account balances as of the end of the month.
C.Prepare a schedule of unfinished jobs to support the balance in the work in process account.*
D.Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.** Refer to the list of Amount Descriptions for the exact wording of the answer choices for text entries.
Fountain Essays
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

Essays

Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

Admissions

Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

Reviews

Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Reviews

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.