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Stine Company uses a job order cost system

Accounting

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

Job Cost Sheets

Job
No.

  

Beginning Work
in Process

  

Direct
Material

  

Direct
Labor

  

Manufacturing
Overhead

  


Total
430   $

  $

  $

  $

  $

431  

 

 

 

 

    $

  $

  $

  $

  $

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