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Exercise 25-20 Vista Company installed a standard cost system on January 1. Selected transactions for the month of January are as follows. Purchased 17,200 units
Exercise 25-20
Vista Company installed a standard cost system on January 1. Selected transactions for the month of January are as follows. Purchased 17,200 units of raw materials on account at a cost of $3.60 per unit. Standard cost was $3.30 per unit. Issued 17,200 units of raw materials for jobs that required 16,730 standard units of raw materials. Incurred 15,000 actual hours of direct labor at an actual rate of $4.80 per hour. The standard rate is $5.40 per hour. (Credit Factory Wages Payable.) Performed 15,000 hours of direct labor on jobs when standard hours were 15,110. Applied overhead to jobs at the rate of 100% of direct labor cost for standard hours allowed. Journalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 125.)Step by Step Solution
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