Time Tickets for Factory Employees During the Month of August

question 111

Essay

Time tickets for factory employees during the month of August are summarized as follows:
$\begin{array}{l|l} \hline \text {Job 919 } &\$9,800\\\hline \text {Job 920 } &14,650\\\hline \text {Job 921 } &12,250\\ \hline\text {Job 922 } &16,000\\\hline \text { Total direct labor. } & \$52,700\\\hline \text { Indirect labor} & 16,800\\\hline \text { Total labor cost. } &\$69,500\end{array}$
Make the necessary journal entries to record factory payroll for direct and indirect labor.

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Definitions:

Economic Profit

The distinction between gross revenue and total expenditures, inclusive of both explicit and latent costs.

Normal Rate

Typically refers to a benchmark interest rate considered to be standard based on historical averages, often used by central banks.

Market Period

The short timeframe in which the supply of a good is fixed, typically because production cannot be adjusted quickly in response to changes in demand.

Dog Kennels

Structures or shelters for housing dogs, can be residential for private use or commercial for boarding.