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Problem 1:-
Standard Quantity or Hours
Standard Price or Rate
Direct materials
6.8 pounds
$ 2.90 per pound
Direct labor
0.2 hours
$ 9 per hour
During the most recent month, the following activity was recorded:
a.
15,100 pounds of material were purchased at a cost of $2.60 per pound.
b.
All of the material purchased was used to produce 2,000 units of Zoom.
c.
300 hours of direct labor time were recorded at a total labor cost of $3,300.
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Before closing the books for the year ended December 31, 2010, Pitt Corp. prepared the following condensed trial balance:
Stark Industries reports the following transactions for the month of November. Record the transactions with corresponding journal entries. Stark Industries inventory system is perpetual.
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Prepare the journal entry(ies) at the date of purchase. Prepare an amortization schedule for the installment agreement.
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