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Homework answers / question archive / A1 03 1
A1 03 1. Mustafa Manufacturing uses a job order cost isccounting system. On May 1, the company has a balance in Work in Process Inventory of $ 6400 and two jobs in process: Job No. A1 S 4000 and Job No. A2, S 2400. During May, a summary of source documents reveals the following: Job Number Materials Requisition Slips Labor Time Tickets $5,000 $3,800 A2 7.000 6,000 A3 8,800 S 20,800 15,200 $ 25,000 General use 1600 2,400 $ 22,400 $ 27,400 Mustafa Manufacturing applies manufacturing overheads to jobs at an overhead rate of 75% of labor cost. Job No. Al is completed during the month. Instructions: (a) Prepare summary journal entries on May 31 to record: 1. The requisition slips 2. The time tickets 3. The assignment of manufacturing overhead to jobs 4. The completion of Job No. Al
