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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 activity base used by the Stamping Department is the drop-forge strokes indicated by a machine-mounted counter. The counter indicated 1,115 strokes were used on the job in the current period. Factory overhead is applied at $2.25 for each drop-forge stroke. Additionally, $375 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 finished goods inventory.
Journalize all events as of May 15.
Answer
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