During the current month, a company that uses a job order cost accounting system incurred a monthly factory payroll of $ 180,000, paid in cash. Of this amount, $ 40,000 is classified as indirect labor and the remainder as direct. Prepare entries to record these transactions.
Answer to relevant QuestionsA company’s Factory Overhead T-account shows total debits of $ 624,000 and total credits of $ 646,000 at the end of a period. Prepare the journal entry to close the balance in the Factory Overhead account to Cost of Goods ...In December 2012, Shire Computer’s management establishes the year 2013 predetermined overhead rate based on direct labor cost. The information used in setting this rate includes estimates that the company will incur $ ...Sunrise Company applies factory overhead based on direct labor costs. The company incurred the following costs during 2013: direct materials costs, $ 650,000; direct labor costs, $ 3,000,000; and factory overhead costs ...Tavella Co.’s August 31 inventory of raw materials is $ 150,000. Raw materials purchases in September are $ 400,000, and factory payroll cost in September is $ 232,000. Overhead costs incurred in September are: indirect ...KTM and Piaggio are competitors in the global marketplace. KTM’s and Piaggio’s financial statements are in Appendix A. Required 1. Determine the change in KTM’s and Piaggio’s inventories for the most recent year ...
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