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Problem - Entries for direct labor and factory overhead - Kraus Industries Inc. manufactures recreational vehicles. Kraus uses a job order cost system. The time tickets from July jobs are summarized below.
Job 501 $4,200
Job 502 3,200
Job 503 2,870
Job 504 3,650
Factory supervision 2,450
Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $12 per direct labor hour. The direct labor rate is $30 per hour.
Required -
a. Journalize the entry to record the factory labor costs.
b. Journalize the entry to apply factory overhead to production for July.
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