Question 1:

Question 2:

Stefani Company has gathered the following information about its product. Direct materials: Each unit of product contains 3.40 pounds of materials. The average waste and spoilage per unit produced under normal conditions is 0.60 pounds. Materials cost $2 per pound, but Stefani always takes the 5.00% cash discount all of its suppliers offer. Freight costs average $0.45 per pound. Direct labor. Each unit requires 2.80 hours of labor. Setup, cleanup, and downtime average 0.10 hours per unit. The average hourly pay rate of Stefani's employees is $13.10. Payroll taxes and fringe benefits are an additional $3.00 per hour. Manufacturing overhead. Overhead is applied at a rate of $5.90 per direct labor hour. Compute Stefani's total standard cost per unit. (Round answer to 2 decimal places, eg. 1.25.) Total standard cost per unit $ Vista Company installed a standard cost system on January 1. Selected transactions for the month of January are as follows. 1. 2. 3. Purchased 16,000 units of raw materials on account at a cost of $3.90 per unit. Standard cost was $3.50 per unit. Issued 16,000 units of raw materials for jobs that required 15,600 standard units of raw materials. Incurred 16,000 actual hours of direct labor at an actual rate of $4.20 per hour. The standard rate is $4.70 per hour. (Credit Factory Wages Payable.) Performed 16,000 hours of direct labor on jobs when standard hours were 16,180. Applied overhead to jobs at the rate of 100% of direct labor cost for standard hours allowed. 4 5. Journalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit Question 4 of 5 -/5 III No. Account Titles and Explanation Debit Credit 1 2 3