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Rand Company produces dry fertilizer. At the beginning of the year, Rand had the...

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Accounting

Rand Company produces dry fertilizer. At the beginning of the year, Rand had the following standard cost sheet:
Direct materials (5 lbs. @ $2.60) $13.00
Direct labor (0.75 hr. @ $18.00)13.50
Fixed overhead (0.75 hr. @ $4.00)3.00
Variable overhead (0.75 hr. @ $3.00)2.25
Total Standard cost per unit $31.75
Overhead rates are computed using practical volume, which is 54,000 units. The actual results for the year are as follows:
a) Units produced: 53,000
b) Direct materials purchased: 265,000 pounds @ $2.50 per pound
c) Direct materials used: 270,200 pounds
d) Direct labor: 40,100 hours at $17.95 per hour
e) Fixed overhead: $161,700
f) Variable overhead: $122,000
Required:
Prepare journal entries for the following:
a. The purchase of direct materials
b. The issuance of direct materials to production (Work in Process)
c. The addition of direct labor to Work in Process
d. The addition of overhead to Work in Process
e. The incurrence of actual overhead costs
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