T&Y Company purchased 12,000 units of raw material on account for $23,400, when the standard cost was $24,000. Later in the month, T&Y Company issued 11,200 units of raw materials for production, when the standard units allowed were 11,600.
T&Y Company incurred direct labour costs of $36,000 for 4,000 hours. The standard labour cost was $36,400. During the month, T&Y Company assigned 4,000 direct labour hours costing $36,000 to production. The standard hours allowed were 4,200.
Instructions
Journalize the transactions for T&Y Company to account for these activities.