2024 – A summary of the time tickets for August follows Present the journal entries to record

  A summary of the time tickets for  August follows:  Present the journal entries to record (a) the labor  cost incurred and (b) the application of factory overhead to production  for August.  The factory overhead rate is 70% of direct labor cost.   ANS:  O  C  WIP 43200  Wages payable 43200  WIP 26090  Factory overhead  26040  The Mountain Springs Water Company has two departments. Purifying  and Bottling. The Bottling Department had 3,000 liters in beginning  work in process inventory (30% complete). During the period 71,000  liters were completed. The ending work in process was 5,000 liters (70%  completed). What are total equivalent units for direct materials (using  the FIFO method) if materials were added at the beginning of the  process?  66,000  ANS: