The second image is the list of accounts Journalize the following transactions f

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The second image is the list of accounts

Journalize the following transactions for Shelton, Inc (a) Incurred direct labor costs of $23,500 for 4,720 hours. The standard labor cost was $24,450. (b) Assigned 4,720 direct labor hours costing $23,500 to production. Standard hours were 4,870 (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to o decimal places, e.g. 125.) No. Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work

Explanation / Answer

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Date Dr. $ Cr. $ 1 Factory Labor          24,450 Labor Price Variance ($24,450 - 23,500)                950 Factory Wages Payable (Bal.)          23,500 (being factory wages recorded) 2 Work-In-Process Inventory (4,870 Hrs. * $24,450 / 4,720 Hrs.)          25,227 Labor Quantity Variance (Bal.)                777 Factory Labor          24,450 (Being Factory Payroll to WIP Inventory)

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