Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Stamping Department accepted Job 051507A on May 15th to make 1,000 funnels. To complete the job they requisitioned 1,100 sheets at $1.20 per sheet

  1. The Stamping Department accepted Job 051507A on May 15th to make 1,000 funnels.

To complete the job they requisitioned 1,100 sheets at $1.20 per sheet and 1,150 grommets at $0.15 per set.

The cost driver that the Stamping Department uses is drop-forge strokes which are counted on a machine mounted counter. $2.25 is applied as overhead for each drop-forge stroke. Additionally $375.00 of overhead is applied to each job due to setup and teardown.

Direct labor is applied at $22.50 per hour for the machine operator and $11.10 for the machine loader. The job required 6 1/2 hours of labor by the team.

When the job was complete Job 051507A was transferred to Semi-finished Goods Inventory (SFGI). When the job was transferred, 20 sheets were returned unused to raw material inventory, 75 grommet sets were returned, and there were 1,115 strokes on the counter.

Journalize all events depicted as of May 15th. (a) Journalize the purchasing of raw materials. (b) Journalize the application of factory overhead. (c) Journalize the application of direct labor. (d) Journalize the transfer to Semi-finished Goods Inventory (SFGI).

Please show the entries and answers journalized :)

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

More Books

Students also viewed these Accounting questions

Question

What is cellular handoff?

Answered: 1 week ago