Vista Company installed a standard cost system on January 1. Selected transactions for the month of January
Question:
1. Purchased 18,000 units of raw materials on account at a cost of $4.50 per unit. Standard cost was $4.40 per unit.
2. Issued 18,000 units of raw materials for jobs that required 17,500 standard units of raw materials.
3. Incurred 15,300 actual hours of direct labor at an actual rate of $5.00 per hour. The standard rate is $5.50 per hour. (Credit Factory Wages Payable.)
4. Performed 15,300 hours of direct labor on jobs when standard hours were 15,400.
5. Applied overhead to jobs at the rate of 100% of direct labor cost for standard hours allowed.
Instructions
Journalize the January transactions.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 35% (14 reviews)
1 Raw Materials Inventory 18000 X 440 79200 Materials Pr...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Question Posted:
Students also viewed these Managerial Accounting questions
-
Marley Company installed a standard cost system on January 1. Selected transactions for the month of January are as follows: 1. Purchased 24,000 units of raw materials on account at a cost of $4.50...
-
Peyton Company installed a standard cost system on January 1. Selected transactions for the month of January are as follows. 1. Purchased 18,000 units of raw materials on account at a cost of $4.50...
-
Leab Company installed a standard cost system on January 1. Selected transactions for the month of January are as follows. 1. Purchased 18,000 units of raw materials on account at a cost of $4.50 per...
-
Explain the difference between an error of commission and an error of principle.
-
Under the terms of the Lagos Trust instrument, the trustee has discretion to distribute or accumulate income on behalf of Willie, Sylvia, and Doris in equal shares. The trustee also can invade corpus...
-
What are some of the key issues and questions that need to be addressed during mergers and acquisitions? How do firms handle the business valuation of an acquisition? Include your own experience as...
-
The following reactions take place at \(1500 \mathrm{~K}\) and \(10 \mathrm{bar}\) : \[ \begin{align*} & A+B ightarrow C+D \tag{A}\\ & A+C ightarrow 2 E \tag{B} \end{align*} \] where...
-
Nathan Farmer, chief financial officer of Bosworth Wireless, is responsible for the companys budgeting process. Farmers staff is preparing the Bosworth cash budget for 2013. A key input to the...
-
You are planning a deployment of an application that will use an Azure SQL database. You need to ensure that the Azure SQL database supports databases that can contain up to 100 TB of data. What is...
-
One of the products of the G.A. Tanner Company is a special kind of toy that provides an estimated unit profit of $3. Because of a large demand for this toy, management would like to increase its...
-
Fisk Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances. In addition, 8,000 units of product were sold at $8 per unit. Each...
-
Stiller Company uses a standard cost accounting system. Some of the ledger accounts have been destroyed in a fi re. The controller asks your help in reconstructing some missing entries and balances....
-
What is the key physical property that characterizes a thermoplastic polymer?
-
Cameron Cookiest produces gourmet cookies, which sell for $16 a basket. Variable costs per basket are $6 and fixed costs are $5,000 per month. If the company expects to sell 1,500 baskets of cookies,...
-
Coronado Industries has 26000 units in beginning finished goods. If sales are expected to be 140000 units for the year and Coronado desires an ending finished goods of 35000 units, how many units...
-
Blossom Company must perform an impairment test on its equipment. The equipment will produce the following cash flows: Year 1, $37,000; Year 2, $40,000; Year 3, $64,500. The discount rate is 12%....
-
Sweet Treats Beverage Company's operating activities for the year are listed below. Purchases Operating expenses Beginning inventory Ending inventory Sales revenue $140,600 80,800 12,400 18,100...
-
1. Compute cost of goods manufactured.
-
If a firm is producing a level of output at which that outputs marginal cost is less than the price of the good, _______-. a) it is producing too much to maximize its profits b) it is probably...
-
A copper sphere of 10-mm diameter, initially at a prescribed elevated temperature T;, is quenched in a saturated (1 atm) water bath. Using the lumped capacitance method, estimate the time for the...
-
Which are the organizations promoting quality movement in India?
-
In a recent quarter, Alliance Atlantis Communications Inc. reported cash provided by operating activities of $45,000,000 and revenues of $265,800,000. Cash spent on plant asset additions during the...
-
The management of Russel Inc. is trying to decide whether it can increase its dividend. During the current year, it reported net income of $875,000. It had cash provided by operating activities of...
-
The management of Russel Inc. is trying to decide whether it can increase its dividend. During the current year, it reported net income of $875,000. It had cash provided by operating activities of...
-
Is China's rapid economic growth, spurred by Deng Xiaoping's reforms in the 80s, sustainable in the long term, or does the current threat of deflation indicate potential risks that could undermine...
-
The market for Big Macs in Canada is initially in equilibrium with supply and demand curves of the usual shape. Whoppers are a close substitute for Big Macs; Fries and Big Macs are complements. Use...
-
The COVID-19 pandemic has adversely affected the lives of people around the world in millions of ways. Due to this severe epidemic, all countries in the world have been affected by all aspects,...
Study smarter with the SolutionInn App