Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,770 and two jobs in process: Job No. 429 $2,430, and Job No. 430 $1,340. During May, a summary of source documents reveals the following.
Job Number
Materials Requisition Slips
Labor Time Tickets
429
$2,940
$2,300
430
3,850
3,400
431
4,680
$11,470
8,170
$13,870
General use
940
1,570
$12,410
$15,440
Stine Company applies manufacturing overhead to jobs at an overhead rate of 68% of direct labor cost. Job No. 429 is completed during the month.
Warning
Don't show me this message again for the assignment
Ok Cancel
Prepare summary journal entries to record (1) the requisition slips, (2) the time tickets, (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Job No. 429. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.)
No.
Date
Account Titles and Explanation
Debit
Credit
(1)
May 31
(2)
31
(3)
31
(4)
31
Warning
Don't show me this message again for the assignment
Ok Cancel
Show List of Accounts
Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets. (Post entries in the order of journal entries presented in the previous part. Round answers to 0 decimal places, e.g. 5,275.)
Work in Process Inventory
May 1 BalanceMay 31May 31 Balance
May 1 BalanceMay 31 BalanceMay 31
May 31 BalanceMay 31May 1 Balance
May 31 BalanceMay 31May 1 Balance
May 31May 31 BalanceMay 1 Balance
May 31 BalanceMay 1 BalanceMay 31
May 31May 1 BalanceMay 31 Balance
May 31May 31 BalanceMay 1 Balance
May 31May 1 BalanceMay 31 Balance
May 31 BalanceMay 1 BalanceMay 31
Job Cost Sheets
Job
No.
Beginning Work
in Process
Direct
Material
Direct
Labor
Manufacturing
Overhead
Total
430
$
$
$
$
$
431
$
$
$
$
$
Purchase A New Answer
Custom new solution created by our subject matter experts