**Journal Entries for Job 111407A on November 14**Overhead is applied at $5.75 per pound completed. The recipe produced 1,025 pounds of cereal mix. If an amount box does not require an entry, leave it blank. If required, round your answers to the nearest cent.**a. Journalize the entry for the issuance of raw materials to Job 111407A:**| Date | Account Title | Debit | Credit ||------------|----------------|--------|--------|| Nov. 14 | | 1,478 | || | Materials | | 1,478 |**b. Journalize the entry for direct labor incurred for Job 111407A:**| Date | Account Title | Debit | Credit ||------------|----------------|--------|--------|| Nov. 14 | | 119.63 | || | Wages Payable | | 119.63 |**c. Journalize the entry to apply manufacturing overhead to Job 111407A:**| Date | Account Title | Debit | Credit ||------------|----------------|----------|----------|| Nov. 14 | | 5,893.75 | || | | | 5,893.75 |**d. Journalize the entry to transfer Job 111407A to finished goods on November 14:**| Date | Account Title | Debit | Credit ||------------|----------------|---------|---------|| Nov. 14 | | | || | | | |No further information regarding the exact accounts for the last entry has been provided. **Educational Resource: Journalizing Entries for Direct Labor and Raw Materials****Materials:**| Material | Standard Qty. | Standard Cost ||----------|----------------|---------------|| Oats | 525 pounds | $1.25 per pound|| Wheat | 150 pounds | $1.50 per pound|| Barley | 85 pounds | $1.15 per pound|| Malt | 65 pounds | $1.12 per pound|| Honey | 25 quarts | $10.45 per quart|| Water | 25 gallons | $0.45 per gallon|**Time:**| Worker | Time | Cost ||--------|------|--------|| Miller | 4.5 hours | $22.75 per hour || Loader | 1.5 hours | $11.50 per hour |Overhead is applied at $5.75 per pound.**Tasks:**a. **Journalize the Entry for the Issuance of Raw Materials:****November 14**Materials: $1,478b. **Journalize the Entry for Direct Labor Incurred for Job 111407A:****November 14**Wages Payable: $119.63Overhead is applied at $5.75 per pound and the recipe produced 1,025 pounds of cereal mix. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent.**November 14**Wages Payable: $119.63Materials: $1,478

Name: **Journal Entries for Job 111407A on November 14**Overhead is applied
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Description: **Journal Entries for Job 111407A on November 14**Overhead is applied at $5.75 per pound completed. The recipe produced 1,025 pounds of cereal mix. If an amount box does not require an entry, leave it blank. If required, round your answers to the ne

Journal entries are the primary reporting of the business transactions in the books of accounts.…

Business

Accounting

Materials: Oats Wheat Barley Malt Honey Water Time: Miller Loader Standard Qty. 525 pounds 450 pounds 85 pounds 65 pounds 25 quarts 25 gallons Nov. 14 4.5 hours 1.5 hours Nov. 14 Overhead is applied at $5.75 per pound completed. The recipe produced 1,025 pounds of cereal mix. If an amount box does not require an entry, leave it blank. If required, round your answers to the nearest cent. a. Journalize the entry for the issuance of raw materials to Job 111407A. Materials Standard Cost $1.25 per pound $1.15 per pound $1.45 per pound $2.15 per pound $1.20 per quart $0.45 per gallon 1,478 Wages Payable $22.75 per hour $11.50 per hour b. Journalize the entry for direct labor incurred for Job 111407A. 119.63 1,478 119.63

Materials: Oats Wheat Barley Malt Honey Water Time: Miller Loader Standard Qty. 525 pounds 450 pounds 85 pounds 65 pounds 25 quarts 25 gallons Nov. 14 4.5 hours 1.5 hours Nov. 14 Overhead is applied at $5.75 per pound completed. The recipe produced 1,025 pounds of cereal mix. If an amount box does not require an entry, leave it blank. If required, round your answers to the nearest cent. a. Journalize the entry for the issuance of raw materials to Job 111407A. Materials Standard Cost $1.25 per pound $1.15 per pound $1.45 per pound $2.15 per pound $1.20 per quart $0.45 per gallon 1,478 Wages Payable $22.75 per hour $11.50 per hour b. Journalize the entry for direct labor incurred for Job 111407A. 119.63 1,478 119.63

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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