Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $ 3,500 and two jobs in process: Job No. 429 $ 2,000, and Job No. 430 $ 1,500. During May, a summary of source documents reveals the following. Job Number Materials Requisition Slips Labor Time Tickets 429 $ 2,500
Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $ 3,500 and two jobs in process: Job No. 429 $ 2,000, and Job No. 430 $ 1,500. During May, a summary of source documents reveals the following. Job Number Materials Requisition Slips Labor Time Tickets 429 $ 2,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $ 3,500 and two jobs in process: Job No. 429 $ 2,000, and Job No. 430 $ 1,500. During May, a summary of source documents reveals the following.
Stine Company applies manufacturingoverhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month.
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Job Number
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Materials
Requisition Slips |
Labor Time
Tickets |
||||||
| 429 | $ 2,500 | $ 1,900 | ||||||
| 430 | 3,500 | 3,000 | ||||||
| 431 | 4,400 | $ 10,400 | 7,600 | $ 12,500 | ||||
| General use | 800 | 1,200 | ||||||
| $ 11,200 | $ 13,700 |
Stine Company applies manufacturing
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.)
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No.
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Date
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Account Titles and Explanation
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Debit
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Credit
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May 31
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31
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31
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31
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Transcribed Image Text:O Chapter 15 Homework
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Question 12 of 15
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(a)
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.)
No.
Date Account Titles and Explanation
Debit
Credit
May
(1)
31
(2)
31
(3)
31
(4)
31
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