Question

On May 15, the stamping department accepted Job 051507A to make 1,000 funnels. Materials requisitioned were...

On May 15, the stamping department accepted Job 051507A to make 1,000 funnels. Materials requisitioned were 1,100 sheets at $1.20 per sheet and 1,150 grommets at $0.15 per set. The cost driver used by stamping department is the drop-forge strokes indicated by a machine mounted counter. Overhead is applied at $2.25 for each drop-forge stroke. Additionally, $375.00 of overhead is applied to each job due to setup and tear down. Direct labor is applied at $22.50 per hour for the machine operator and $11.10 for the machine loader. The job required 6.5 hours of labor. Upon completion, the job was transferred to Finish Goods Inventory.

Required:

Journalize all events as of May 15

Business   Accounting   
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Answer #1
15-May Work in Process 1492.5 =(1100*1.2)+(1150*0.15)
       Raw Materials 1492.5
15-May Work in Process 2883.75 =375+(1115*2.25)
       Factory Overhead 2883.75
15-May Work in Process 218.4 =6.5*(22.5+11.1)
         Wages Payable 218.4
15-May Finished Goods Inventory 4594.65
       Work in Process 4594.65
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