Question

In: Accounting

Materials: Standard Qty. Standard Cost Oats 525 pounds $1.25 per pound Wheat 450 pounds $1.15 per...

Materials:	Standard Qty.	Standard Cost
Oats	525 pounds	$1.25 per pound
Wheat	450 pounds	$1.15 per pound
Barley	85 pounds	$1.45 per pound
Malt	65 pounds	$2.15 per pound
Honey	25 quarts	$1.20 per quart
Water	25 gallons	$0.45 per gallon
Time:
Miller	4 1/2 hours	$22.75 per hour
Loader	1 1/2 hours	$11.50 per hour

Overhead is applied at $5.75 per pound completed. The recipe produced 1,025 pounds of cereal mix.

If required, round your answers to the nearest cent.

a. Record the journal entry to transfer raw materials to Job 111407A.

Nov. 14	Materials
	Materials

b. Record the journal entry for direct labor incurred for Job 111407A.

Nov. 14	Wages Payable
	Wages Payable

c. Record the journal entry to apply manufacturing overhead to Job 111407A.

Nov. 14	Materials
	Materials

d. Record the journal entry to transfer Job 111407A to Finished Goods on November 14.

Nov. 14

Expert Solution

Date	Account Name	Debit	Credit
14-Nov	WIP	1,478.00
	Direct Material		1,478.00
	(Being Direct Material issued to Production)

14-Nov	WIP	119.63
	Wages		119.63
	(Being Wages transferred to WIP)

14-Nov	WIP	5,893.75
	To Manufacturing Overhead		5,893.75
	(Being Overhead incured)

14-Nov	Finished Goods Inventory	7,491.38
	WIP		7,491.38
	(Being WIP transferred to Finished Goods Inventory)

Workings:

Direct Material	Per Unit	Total
525	1.25	656.25
450	1.15	517.50
85	1.45	123.25
65	2.15	139.75
25	1.2	30.00
25	0.45	11.25
Total Direct Material		1,478.00

Wages	Hours	Rate	Total
Millar	4.5	22.75	102.38
Loader	1.5	11.5	17.25
	Total Wages		119.63

Overhead

1025*5.75

5,893.75

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ekkarill92 answered 1 year ago

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