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Recording factory labor costs A summary of the time tickets for January is...

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Accounting

Recording factory labor costs

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A summary of the time tickets for January is as follows: Job No. Amount Job No. Amount 3467 $ 2,500 3470 5,575 3478 $ 9,030 3480 10,100 34976,625 3501 1,800 3471 4,720 Indirect labor 7,000 a. Determine the amounts of factory labor costs transferred to Work in Process and Factory Overhead for January. Factory labor costs transferred to Work in Process $ 47,350 Factory labor costs transferred to Factory Overhead $ b. Illustrate the effect on the accounts and financial statements of the factory labor costs transferred in (a). If no account or activity is affected, select "No effect" from the drop-down list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Balance Sheet Statement of Cash Flows Assets Liabilities Stockholders' Equity Statement of Cash Flows Income Statement

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