Stine Company uses a job order cost system

Accounting Jan 27, 2021

Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,770 and two jobs in process: Job No. 429 $2,430, and Job No. 430 $1,340. During May, a summary of source documents reveals the following.

Job Number	Materials Requisition Slips		Labor Time Tickets
429	$2,940		$2,300
430	3,850		3,400
431	4,680	$11,470	8,170	$13,870
General use		940		1,570
		$12,410		$15,440

Stine Company applies manufacturing overhead to jobs at an overhead rate of 68% of direct labor cost. Job No. 429 is completed during the month.

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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. Round answers to 0 decimal places, e.g. 5,275.)

No.	Date	Account Titles and Explanation	Debit	Credit
(1)	May 31


(2)	31


(3)	31

(4)	31

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Show List of Accounts

Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets. (Post entries in the order of journal entries presented in the previous part. Round answers to 0 decimal places, e.g. 5,275.)

Work in Process Inventory
May 1 BalanceMay 31May 31 Balance		May 1 BalanceMay 31 BalanceMay 31
May 31 BalanceMay 31May 1 Balance		May 31 BalanceMay 31May 1 Balance
May 31May 31 BalanceMay 1 Balance		May 31 BalanceMay 1 BalanceMay 31
May 31May 1 BalanceMay 31 Balance		May 31May 31 BalanceMay 1 Balance
May 31May 1 BalanceMay 31 Balance		May 31 BalanceMay 1 BalanceMay 31