Milner Manufacturing uses a job order cost accounting system. On May 1, thecompany has a balance in Work in Process Inventory of $3,200 and two jobs in process: JobNo. 429 $2,000, and Job No. 430 $1,200. During May, a summary of source documents revealsthe following.Job Number429430431General useAssignment 3ACCT 232MaterialsRequisition Slips$2,5003,5004,400$10,400800$11,200LaborTime Tickets$1,9003,0007,600$12,5001,200$13,700Milner Manufacturing applies manufacturing overhead to jobs at an overhead rate of 80% ofdirect labor cost. Job No. 429 is completed during the month.Instructions(a) Prepare summary journal entries on May 31 to record: (i) the requisition slips, (ii) thetime tickets, (iii) the assignment of manufacturing overhead to jobs, and (iv) the comple-tion of Job No. 429.(b) Post the entries to Work in Process Inventory, and prove the agreement of the controlaccount with the job cost sheets of the unfinished jobs.

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Instructions (a) Prepare summary journal entries on May 31 to record: (i) the requisition slips, (ii) the time tickets, (iii) the assignment of manufacturing overhead to jobs, and (iv) the comple- tion of Job No. 429. (b) Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets of the unfinished jobs.

Instructions (a) Prepare summary journal entries on May 31 to record: (i) the requisition slips, (ii) the time tickets, (iii) the assignment of manufacturing overhead to jobs, and (iv) the comple- tion of Job No. 429. (b) Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets of the unfinished jobs.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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