Vista company installed a standard cost system

Reference no: EM131132547

Vista Company installed a standard cost system on January 1. Selected transactions for the month of January are as follows.

1. Purchased 17,200 units of raw materials on account at a cost of $3.60 per unit. Standard cost was $3.30 per unit.

2. Issued 17,200 units of raw materials for jobs that required 16,730 standard units of raw materials.

3. Incurred 15,000 actual hours of direct labor at an actual rate of $4.80 per hour. The standard rate is $5.40 per hour.

(Credit Factory Wages Payable.) 4. Performed 15,000 hours of direct labor on jobs when standard hours were 15,110. 5. Applied overhead to jobs at the rate of 100% of direct labor cost for standard hours allowed. Journalize the

Reference no: EM131132547

Questions Cloud

Markets and distributes recreational motor boats : MarineCo manufactures, markets, and distributes recreational motor boats. Using discounted free cash ?ow, you value the company's operations at $2,500 million. The company has a 20 percent stake in a nonconsolidated subsidiary. The subsidiary is v..

Identify possible resources to meet the perceived needs : Identify a program at a social agency or other human services program to which you have access and provide a description of the organizational context including the mission and objectives of the program and why an evaluation is being considered.

Applications case preparing and using pro forma statements : Nancy Pinedo and Justin Johnson recently graduated from the same university. After graduation they decided not to seek jobs at established organizations but, rather, to start their own small business hoping they could have more flexibility in thei..

Do parents recognize some children as slow to warm up : Use the nine aspects of temperament identified in the New York Longitudinal Study and the patterns of "easy," "difficult," and "slow-to-warm-up" as a framework for analyzing the parents' comparisons of their children.

Vista company installed a standard cost system : 1. Purchased 17,200 units of raw materials on account at a cost of $3.60 per unit. Standard cost was $3.30 per unit.

A flexible budget for manufacturing overhead based : Accounting Problem Exercise 24-4 Myers Company uses a flexible budget for manufacturing overhead based on direct labor hours. Variable manufacturing overhead costs per direct labor hour are as follows.

Given the suggested retail price of the company : Given the suggested retail price of the company and using a 50% markup on price at retail, determine the sell price to the distributor/merchandiser.

How to judge the art in question : Does knowing the personal, social, or political context of a work of art have a bearing on how to judge the art in question?

Prepare a schedule of cost of goods manufactured : 3. Assume that the company produced the equivalent of 10,000 units of product during the year. What was the average cost per unit for direct materials? What was the average cost per unit for factory depreciation?

User Account

All Pages