Calculator On November 14, the Milling Department accepted Job 111407A for 1,000

Question

Calculator On November 14, the Milling Department accepted Job 111407A for 1,000 pounds of cereal mix. Materials: Oats Wheat Barley Malt Honey Water Standard Qty. 525 pounds 450 pounds 85 pounds 65 pounds 25 quarts 25 gallons Standard Cost $1.25 per pound $1.15 per pound $1.45 per pound $2.15 per pound $1.20 per quart $0.45 per gallon Time: 4 1/2 hours 1 1/2 hours $22.75 per hour $11.50 per hour Miller Loader 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 b. Record the journal entry for direct labor incurred for Job 111407A. Nov. 14

Explanation / Answer

Date Particulars Debit Credit 14th Nov Job 111407A $   1,478.00 Raw Materials $ 1,478.00 (Transfer of Raw materials) Oats     525 pounds @ $1.25 $      656.25 Wheat   450 pounds @ $1.15 $      517.50 Barley     85 Pounds @ $1.45 $      123.25 Malt       65 Pounds @ $2.15 $      139.75 Honey    25 quarts @ $1.20 $        30.00 Water    25 gallons @ $0.45 $        11.25 Total $ 1,478.00 14th Nov Job 111407A $      119.63 Wages Payable or Wages Expense $    119.63 (Transfer labour expenses) Miller 4.5 hours @ $22.75 per hour $      102.38 Loader1.5 hours @ $11.50 per hour $        17.25 Total $     119.63 14th Nov WIP - Job 111407A $   5,893.75 Mfg Overhead $ 5,893.75 (Application of Overhead ) Recipe 1,025 pounds @ 5.75 $   5,893.75 14th Nov Finished Goods $   7,491.11 WIP - Job 111407A $ 7,491.11 (Transfer to finish goods) Raw Materials $   1,478.00 Wages $      119.36 Overheads $   5,893.75 Total $ 7,491.11

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