Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 22-6A Haslett Corporation uses standard costs with its job order cost accounting system. In January, an order (Job No. 12) for 2,000 units of

Problem 22-6A

Haslett Corporation uses standard costs with its job order cost accounting system. In January, an order (Job No. 12) for 2,000 units of Product B was received. The standard cost of one unit of Product B is as follows.
Direct materials 2 pounds at $1.50 per pound $ 3.00
Direct labor 1.50 hour at $9 per hour 13.50
Overhead 2 hours (variable $4.50 per machine hour; fixed $3.00 per machine hour) 15.00
Standard cost per unit $31.50
Normal capacity for the month was 4,060 machine hours. During January, the following transactions applicable to Job No. 12 occurred.
1. Purchased 4,700 pounds of raw materials on account at $1.57 per pound.
2. Requisitioned 4,700 pounds of raw materials for Job No. 12.
3. Incurred 3,080 hours of direct labor at a rate of $8.89 per hour.
4. Worked 3,080 hours of direct labor on Job No. 12.
5. Incurred manufacturing overhead on account $34,750.
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 $190,000.
Journalize the transactions.
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Factory Business System Audit Lean Manufacturing

Authors: Rolf Thorsten

1st Edition

1091908583, 978-1091908581

More Books

Students also viewed these Accounting questions