Bonita Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,890 and two jobs in process: Job No. 429 $2,540, and Job No. 430 $1,350. During May, a summary of source documents reveals the following. Job Number Materials Requisition Slips Labor Time Tickets 429 $2,980 $2,100 430 4,000 3,500 431 4,560 $11,540 7,700 $13,300 General use 900 1,670 $12,440 $14,970 Bonita Company applies manufacturing overhead to jobs at an overhead rate of 64% of direct labor cost. Job No. 429 is completed during the month.

Exercise 15-02 a-b (Video) (Part Level Submission) Bonita Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,890 and two jobs in process: Job No. 429 $2,540, and Job No. 430 $1,350. During May, a summary of source documents reveals the following. Materials Labor Time Job Number Requisition Slips Tickets 429 $2,980 $2,100 430 4,000 3,500 431 4,560 $11,540 7,700 $13,300 General use 900 1,670 $12,440 $14,970 Bonita Company applies manufacturing overhead to jobs at an overhead rate of 64% 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (1) May 31 D (2) 31 (3) 31 31 Exercise 15-11 a-b (Part Level Submission) The following are the job cost related accounts for the law firm of Bonita Associates and their manufacturing equivalents: Law Firm Accounts Manufacturing Firm Accounts Supplies Raw Materials Salaries and Wages Payable Factory Wages Payable Operating Overhead Manufacturing Overhead Service Contracts in Process Work in Process Cost of Completed Service Contracts Cost of Goods Sold Cost data for the month of March follow. 1. 2. 3. Purchased supplies on account $2,100. Issued supplies $3,100 (50% direct and 40% indirect). Assigned labor costs based on time cards for the month which indicated labor costs of $79,300 (80% direct and 20% indirect). Operating overhead costs incurred for cash totaled $42,100. Operating overhead is applied at a rate of 90% of direct labor cost. Work completed totaled $81,100. 5. (a) Journalize the transactions for March. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit No. Account Titles and Explanation 1. Supplies 2,100 Accounts Payable 2,100 2. Service Contracts in Process Operating Overhead Supplies 3. Service Contracts in Process Operating Overhead Service Salaries and Wages Operating Overhead Cash 5. Service Contracts in Process Operating Overhead 6. Cost of Completed Service Contracts Service Contracts in Process