Ex 16-7 entry for factory labor costs obj . 2 the weekly time tickets indicate the following distribution of labor hours for three direct labor employees: hours job 301 job 302 job 303 process improvement tom couro 10 15 13 2 david clancy 12 12 14 2 jose cano 11 13 15 1 the direct labor rate earned per hour by the three employees is as follows: tom couro $32 david clancy 36 jose cano 28 the process improvement category includes training, quality improvement, and other indirect tasks. a. journalize the entry to record the factory labor costs for the week. b. assume that jobs 301 and 302 were completed but not sold during th

Analyzing and computing accrued warranty liability and expense waymire company sells a motor that carries a 60-day unconditional warranty against product failure. from prior years' experience, waymire estimates that 2% of units sold each period will require repair at an average cost of $100 per unit. during the current period, waymire sold 69,000 units and repaired 1,000 units. (a) how much warranty expense must waymire report in its current period income statement? (b) what warranty liability related to current period sales will waymire report on its current period-end balance sheet? (hint: remember that some units were repaired in the current period.) (c) what analysis issues must we consider with respect to reported warranty liabilities?