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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. 2. 3. Purchased 16,000
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 $2.70 per unit. Standard cost was $2.40 per unit. Issued 16,000 units of raw materials for jobs that required 15,640 standard units of raw materials. Incurred 15,000 actual hours of direct labor at an actual rate of $4.20 per hour. The standard rate is $4.80 per hour. (Credit Factory Wages Payable.) 4. Performed 15,000 hours of direct labor on jobs when standard hours were 15,180 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. Round answers to O decimal places, e.g. 125.) No. Account Titles and Explanation Debit Credit 2. 3 4 5
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