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DochEvi [55]
3 years ago
15

The following events took place at a manufacturing company for the current year: (1) Purchased $95,000 in direct materials. (2)

Incurred labor costs as follows: (a) direct, $56,000 and (b) indirect, $13,600. (3) Other manufacturing overhead was $107,000, excluding indirect labor. (4) Transferred 80% of the materials to the manufacturing assembly line. (5) Completed 65% of the Work-in-Process during the year. (6) Sold 85% of the completed goods. (7) There were no beginning inventories. What is the journal entry to record the direct labor costs for the period? A. Labor Inventory XXX Wages Payable XXX B. Work-In-Process Inventory XXX Wages Payable XXX C. Manufacturing Overhead Control XXX Wages Payable XXX D. Wages Expense XXX Cash XXX
Business
1 answer:
raketka [301]3 years ago
5 0

Answer: B. Work-In-Process Inventory XXX Wages Payable XXX

Explanation:

The method of accounting for Direct labor during production is to apportion it to Work in Process inventory because as a direct cost, it should form a part of the cost of producing the good.

The Work in Process Inventory will therefore be debited to reflect an increase and the Wages Payable will be credited to reflect that the wages are a liability owed to workers.

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Answer:

The correct answer is option D.

Explanation:

Academic book publishers hire​ editors, designers, and production and marketing managers who help prepare books for publication.

These employees work on several books​ simultaneously so a change in quantity demanded of books published in a year.

Since the number of people employed is fixed and does not change with the quantity of output. The cost incurred on these workers will be fixed cost. So the salaries and benefits of people in these people will be included in fixed costs and total costs. But since it does not change with change in the output it will not be included in variable costs.

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3 years ago
Difference between per<br> behaviour and organisational behaviour
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Organiational behaviour looks at the individual behaviour, then moves to group behaviour, progressively to the organization behaviour, which you can also call the organization culture. It requires skills to understand how the organization and its members affect each other. Areas include frameworks for diagnosing and resolving problems in organizational settings. Human behaviour, call it individual behaviour is a sub-set of organization behaviour.

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Cost assignment ________. Group of answer choices includes future and arbitrary costs encompasses allocating indirect costs to a
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Answer:

encompasses allocating indirect costs to a cost object

Explanation:

Cost assignment -

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When a financial institution supplies a standardized financial product such as a mortgage, it is<u>: reducing transaction costs.</u>

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brainly.com/question/9297059

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