11. Kline Inc.uses a job order costing system. Job 429 was partially completed and had $2,000 on its job cost sheet at the start of the month. Job 430 was partially completed and had $1,500 on its job cost sheet at the start of the month. In May, the following costs were incurred: Job 429 Job 430 Job 431 Direct Materials $2,500 3,500 4,400 Direct Labor $1,900 3,000 7,600 Job 429 and Job 431 were completed during May, and Job 431 was sold. Kline applies overhead using a cost driver rate of 160% of direct labor cost. Please post the appropriate entries to the job cost sheets (provide all three job cost sheets), and to the T accounts Work-in-Process Inventory and Finished Goods Inventory. The beginning balance in Finished Goods Inventory was zero. Be sure to show the ending balances in Work-in-Process Inventory and Finished Goods Inventory

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question

Please do not give solution in image format thanku 

11. Kline Inc.uses a job order costing system. Job 429 was partially completed and had
$2,000 on its job cost sheet at the start of the month. Job 430 was partially completed
and had $1,500 on its job cost sheet at the start of the month. In May, the following costs
were incurred:
Job 429
Job 430
Job 431
Direct Materials
$ 2,500
3,500
4,400
Direct Labor
$ 1,900
3,000
7,600
Job 429 and Job 431 were completed during May, and Job 431 was sold.
Kline applies overhead using a cost driver rate of 160% of direct labor cost. Please post
the appropriate entries to the job cost sheets (provide all three job cost sheets), and to the
T accounts Work-in-Process Inventory and Finished Goods Inventory. The beginning
balance in Finished Goods Inventory was zero. Be sure to show the ending balances in
Work-in-Process Inventory and Finished Goods Inventory
Transcribed Image Text:11. Kline Inc.uses a job order costing system. Job 429 was partially completed and had $2,000 on its job cost sheet at the start of the month. Job 430 was partially completed and had $1,500 on its job cost sheet at the start of the month. In May, the following costs were incurred: Job 429 Job 430 Job 431 Direct Materials $ 2,500 3,500 4,400 Direct Labor $ 1,900 3,000 7,600 Job 429 and Job 431 were completed during May, and Job 431 was sold. Kline applies overhead using a cost driver rate of 160% of direct labor cost. Please post the appropriate entries to the job cost sheets (provide all three job cost sheets), and to the T accounts Work-in-Process Inventory and Finished Goods Inventory. The beginning balance in Finished Goods Inventory was zero. Be sure to show the ending balances in Work-in-Process Inventory and Finished Goods Inventory
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Costing Systems
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education