Marley Company installed a standard cost system on January 1. Selected transactions for the month of January are as follows:
1. Purchased 24,000 units of raw materials on account at a cost of $4.50 per unit. Standard cost was $4.30 per unit.
2. Issued 24,000 units of raw materials for jobs that required 23,500 standard units of raw materials.
3. Incurred 20,400 actual hours of direct labour at an actual rate of $4.80 per hour. The standard rate is $5.50 per hour.
4. Performed 20,400 hours of direct labour on jobs when standard hours were 20,600.
5. Applied overhead to jobs at 100% of the direct labour cost for the standard hours allowed.
Instructions
Journalize the January transactions.