Question: Please show ALL work. Thank you. Problem C Prepare a journal entry to record the following for September: Direct labor (factory) Indirect labor (factory) Sales
Please show ALL work. Thank you.

Problem C Prepare a journal entry to record the following for September: Direct labor (factory) Indirect labor (factory) Sales commission Sales & Administrative Salaries Medical insurance premiums (60% Factory, 40% S&A) $80,000 10,000 6,000 50,000 3,000 Medical insurance is paid 100% by the employer All employees contribute 2% of their compensation) to a 401(k) plan The employer matches the 2% 401(k) contribution The company considers all employer payroll taxes and all employee benefits for factory workers to be product costs For this problem, assume the following tax rates Employee Employer Federal income tax FICA SUTA 15.0% 7.65% 7.65% 3.5% Ignore any other payroll taxes; Assume all employees are under any tax thresholds
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
