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Haslett Corporation uses standard costs with its job order cost accounting system. In January, an order (Job No. 12) for 1,000 units of Product B
Haslett Corporation uses standard costs with its job order cost accounting system. In January, an order (Job No. 12) for 1,000 units of Product B was received. The standard cost of one unit of Product B is as follows.
Direct materials | 2 pounds at $1.00 per pound | $ 2.00 | ||
Direct labor | 1.00 hour at $10 per hour | 10.00 | ||
Overhead | 2 hours (variable $4.00 per machine hour; fixed $2.50 per machine hour) | 13.00 | ||
Standard cost per unit | $25.00 |
Normal capacity for the month was 4,220 machine hours. During January, the following transactions applicable to Job No. 12 occurred.
1. | Purchased 2,280 pounds of raw materials on account at $1.04 per pound. | |
2. | Requisitioned 2,280 pounds of raw materials for Job No. 12. | |
3. | Incurred 1,050 hours of direct labor at a rate of $9.87 per hour. | |
4. | Worked 1,050 hours of direct labor on Job No. 12. | |
5. | Incurred manufacturing overhead on account $33,900. | |
6. | Applied overhead to Job No. 12 on basis of standard machine hours allowed. | |
7. | Completed Job No. 12. | |
8. | Billed customer for Job No. 12 at a selling price of $90,000. |
I need help to journalize the transactions. I have the accounts already done. Please help??
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