Atlace Manufacturers Uses Standard Costing System Standards Direct Labor Hours

question 65

Essay

Atlace Manufacturers uses standard costing system Standards direct labor hours per unit are 0.5 hour. Standard price per hour is $18.00. Actual direct labor for the month is 1,200 hours for a total cost of $24,000.
Planned production for the month: 3,000 units. The journal entry to record the payment of direct labor wages would be:

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Definitions:

Contributions

Amounts given or payments made towards a common goal, project, or for the benefit of a group.

Compounded Semi-annually

A method where interest is calculated and added to the principal amount twice a year.

Quarterly

Happening quarterly or four times annually.

Trust Fund

A legal arrangement through which assets are held by a third party for the benefit of another party or parties.