Brent uses a standard cost accounting system. The following transactions occurred during the year:
|
Feb. 20 |
Purchased raw materials on account, $8,800 when the standard cost was $9,300. |
|
Mar. 5 |
Incurred direct labor costs, $15,200 when the standard labor cost was $14,900. |
|
May 10 |
Incurred manufacturing overhead costs, $11,000 (credit Accounts Payable). |
|
June 18 |
Issued raw materials for production, $8,200 when the standard cost was $9,000. |
|
Aug. 3 |
Assigned factory labor to production, $14,900 when the standard cost was $14,500. |
|
Sept. 10 |
Applied manufacturing overhead to production, $10,150. |
|
Oct. 2 |
Transferred completed work to finished goods, $29,700. |
|
Nov. 22 |
Sold the finished goods on account for $42,000. |
|
Dec. 31 |
Recognized unfavorable overhead variances: controllable $550 and volume $300. |
Instructions
Prepare the entries for D. Brent in the following general journal.