Recording Factory Labor Costs
A summary of the time tickets for January is as follows:
Job No. | Amount | Job No. | Amount | ||
3467 | $7,613 | 3478 | $10,150 | ||
3470 | 3,833 | 3480 | 11,025 | ||
3471 | 12,565 | 3497 | 14,088 | ||
Indirect labor | 23,800 | 3501 | 19,478 |
a. Determine the amounts of factory labor costs transferred to Work in Process and Factory Overhead for January.
Factory labor costs transferred to Work in Process Need help on this!! | $ |
Factory labor costs transferred to Factory Overhead 23,800 | $ |
b. Illustrate the effect on the accounts and financial statements of the factory labor costs transferred in (a).
If no account or activity is affected, select "No effect" from the drop-down list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts.
|
Get Answers For Free
Most questions answered within 1 hours.