J.A.N., Inc. uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of P 3,500 and two jobs in process, Job No. 101 P2,000 and Job 102 P1,500. During May, a summary of source documents reveals the following. Materials Labor Job Number 101 102 Requisition Slips 2,500 3,500 4,600 Time Tickets P. P. 2,900 3,000 5.800 P 11,700 103 10,600 800 Generah use Total J.A.N Company applies manufacturing overhead to jobs at an overhead rate of 80% of direct labor cost. Job No. 101 is completed during the month. Instructions: 1. Prepare summary journal entries to record a) The requisition slips b) The time tickets c) The completion of Job No 101 1.200 P 12.900 P 11.400
J.A.N., Inc. uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of P 3,500 and two jobs in process, Job No. 101 P2,000 and Job 102 P1,500. During May, a summary of source documents reveals the following. Materials Labor Job Number 101 102 Requisition Slips 2,500 3,500 4,600 Time Tickets P. P. 2,900 3,000 5.800 P 11,700 103 10,600 800 Generah use Total J.A.N Company applies manufacturing overhead to jobs at an overhead rate of 80% of direct labor cost. Job No. 101 is completed during the month. Instructions: 1. Prepare summary journal entries to record a) The requisition slips b) The time tickets c) The completion of Job No 101 1.200 P 12.900 P 11.400
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 3
Transcribed Image Text:Chapter 5 Job Order Costing
147
Problem 3
J.A.N., Inc. uses a job order cost system. On May 1, the company has a balance in
Work in Process Inventory of P 3,500 and two jobs in process, Job No. 101 P2,000
and Job 102 P1,500. During May, a summary of source documents reveals the
following.
Materials
Requisition Slips
P.
Labor
Job Number
P 2,500
3,500
4,600 P 10,600
Time Tickets
P 2,900
3,000
5.800 P 11,700
101
102
103
Generah use
Total
800
1,200
P 12.900
J.A.N Company applies manufacturing overhead to jobs at an overhead rate
of 80% of direct labor cost. Job No. 101 is completed during the month.
P11.400
Instructions:
1. Prepare summary journal entries to record
a) The requisition slips
b) The time tickets
c) The completion of Job No 101
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