Vista Company installed a standard cost system on January 1. Selected transactions for the month of January are as follows. 1. 2. 3. 4. 5. Purchased 17,300 units of raw materials on account at a cost of $3.30 per unit. Standard cost was $3.00 per unit. Issued 17,300 units of raw materials for jobs that required 16,890 standard units of raw materials. Incurred 16,000 actual hours of direct labor at an actual rate of $4.00 per hour. The standard rate is $4.50 per hour. (Credit Factory Wages Payable.) Performed 16,000 hours of direct labor on jobs when standard hours were 16,160. 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)

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Vista Company installed a standard cost system on January 1. Selected transactions for the month of January are as follows.
Purchased 17,300 units of raw materials on account at a cost of $3.30 per unit. Standard cost was $3.00 per unit.
Issued 17,300 units of raw materials for jobs that required 16,890 standard units of raw materials.
Incurred 16,000 actual hours of direct labor at an actual rate of $4.00 per hour. The standard rate is $4.50 per hour. (Credit
Factory Wages Payable.)
Performed 16,000 hours of direct labor on jobs when standard hours were 16,160.
5. Applied overhead to jobs at the rate of 100% of direct labor cost for standard hours allowed.
1.
2.
3.
4.
Journalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do not indent
manually.)
Transcribed Image Text:Vista Company installed a standard cost system on January 1. Selected transactions for the month of January are as follows. Purchased 17,300 units of raw materials on account at a cost of $3.30 per unit. Standard cost was $3.00 per unit. Issued 17,300 units of raw materials for jobs that required 16,890 standard units of raw materials. Incurred 16,000 actual hours of direct labor at an actual rate of $4.00 per hour. The standard rate is $4.50 per hour. (Credit Factory Wages Payable.) Performed 16,000 hours of direct labor on jobs when standard hours were 16,160. 5. Applied overhead to jobs at the rate of 100% of direct labor cost for standard hours allowed. 1. 2. 3. 4. Journalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No. Account Titles and Explanation
1.
2.
3.
4.
Material Price Variance
account payable
Debit
5190
50670
Credit
7777
1]
Transcribed Image Text:No. Account Titles and Explanation 1. 2. 3. 4. Material Price Variance account payable Debit 5190 50670 Credit 7777 1]
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