Stine Company uses a job order cost system. On May 1, the company has a balance in work in Process Inventory of $4,140 and two jobs in process: Job No. 429 $2,450, and Job No. 430 $1,690. During May, a summary of source documents reveals the following Job Number Materials Labor Time Tickets Requisition Slips 429 $2,920 $2,160 430 3,610 3,360 431 4,870 General use $11,400 960 8,030 $13,550 $12,360 1,600 $15,150 Stine Company applies manufacturing overhead to jobs at an overhead rate of 65% of direct labor cost Job No. 429 is completed during the month. 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. No. Date Account Titles and Explanation Debit Credit (1) May 31 (2) 31 (3) 31 (4) 31
Stine Company uses a job order cost system. On May 1, the company has a balance in work in Process Inventory of $4,140 and two jobs in process: Job No. 429 $2,450, and Job No. 430 $1,690. During May, a summary of source documents reveals the following Job Number Materials Labor Time Tickets Requisition Slips 429 $2,920 $2,160 430 3,610 3,360 431 4,870 General use $11,400 960 8,030 $13,550 $12,360 1,600 $15,150 Stine Company applies manufacturing overhead to jobs at an overhead rate of 65% of direct labor cost Job No. 429 is completed during the month. 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. No. Date Account Titles and Explanation Debit Credit (1) May 31 (2) 31 (3) 31 (4) 31
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Stine Company uses a job order cost system. On May 1, the company has a balance in work in
Process Inventory of $4,140 and two jobs in process:
Job No. 429 $2,450, and Job No. 430 $1,690.
During May, a summary of source documents reveals the following
Job Number
Materials
Labor Time Tickets
Requisition Slips
429
$2,920
$2,160
430
3,610
3,360
431
4,870
General use
$11,400
960
8,030
$13,550
$12,360
1,600
$15,150
Stine Company applies manufacturing overhead to jobs at an overhead rate of 65% of direct labor
cost Job No. 429 is completed during the month.
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.
No. Date Account Titles and Explanation Debit Credit
(1) May 31
(2) 31
(3) 31
(4) 31
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