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Vista Company installed a standard cost system on January 1. Selected transactions for the month of January are as follows. 1. Purchased 16,000 units of
Vista Company installed a standard cost system on January 1. Selected transactions for the month of January are as follows.
1. | Purchased 16,000 units of raw materials on account at a cost of $3.20 per unit. Standard cost was $3.00 per unit. | |
2. | Issued 16,000 units of raw materials for jobs that required 15,690 standard units of raw materials. | |
3. | Incurred 16,000 actual hours of direct labor at an actual rate of $5.00 per hour. The standard rate is $5.40 per hour. (Credit Factory Wages Payable.) | |
4. | Performed 16,000 hours of direct labor on jobs when standard hours were 16,180. | |
5. | 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.)
No. | Account Titles and Explanation | Debit | Credit |
1. | |||
2. | |||
3. | |||
4. | |||
5. | |||
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