Question: I need some help journaling these transactions it got me confused. Jan .4 Applied$8,248.00ofdirectmaterials(1679) and$18,240.00ofdirectlabor(TimeTicket No.258)toJobNo.1403,whichwill completethejob.Usethesimplifiedratesof 8% ofgrosspayforemployees'FICAtax and 15% ofgrosspayforemployees'federal incometax.Whenpreparingtheentryfor applyingdirectlabor,debitWorkinProcess forthegrosspay,andcreditEmployees'

I need some help journaling these transactions it got me confused.

Jan .4 Applied$8,248.00ofdirectmaterials(1679) and$18,240.00ofdirectlabor(TimeTicket No.258)toJobNo.1403,whichwill completethejob.Usethesimplifiedratesof 8%ofgrosspayforemployees'FICAtax and15%ofgrosspayforemployees'federal incometax.Whenpreparingtheentryfor applyingdirectlabor,debitWorkinProcess forthegrosspay,andcreditEmployees' IncomeTaxPayableandFICATaxPayable fortheappropriateamountsandSalaries Payablefornet pay.

Rememberthatemployeesarepaidonthe last dayof eachmonth.

AppliedfactoryoverheadtoJobNo.1403is basedupon 130% ofdirect laborcost.(note this was 125% last December but company has a new rate this year)/

Jan.4 Transferredthecompletedjobtothefinished goods account.

5 Sold and shipped Job No. 1403 to SaltWaterHut.com.Allsalesareonaccount 2/10,net30days,FOBshippingpoint. HydroPaddleBoards,Inc.marksupallwork by40%ofthejobcost.Refertothe individualJobCostRecordforthetotalcost ofthejob,andmultiplythetotalcostby 140% to determine the sellingprice. SaltWaterHutisnotexpectedtopaywithin the discount period.

HydroPaddleBoards,Inc.maintainsa perpetualinventorysystem.Eachtimeasale ismadetoacustomer,youmustdebitCost ofGoodsSoldandcreditFinishedGoodsfor the cost of the job.

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