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 the 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. Assume the number of drop-forge strokes is 1,115. 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 finished goods inventory.
Journalize the entries to record all events as of May 15.

Question

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 the 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. Assume the number of drop-forge strokes is 1,115. 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 finished goods inventory.​
Journalize the entries to record all events as of May 15.

Quizplus · Accepted Answer

The Answer of 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 the 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. Assume the number of drop-forge strokes is 1,115. 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 finished goods inventory.​
Journalize the entries to record all events as of May 15.

On May 15, the Stamping Department Accepted Job 051507A to Make