Exercise 15-2 Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $4,010 and two jobs in process: Job No. 429 $2,590, and Job No. 430 $1,420. During May, a summary of source documents reveals the following. Job Number Materials Requisition Slips Labor Time Tickets 429 430 431 General use $2,760 3,860 4,950 $2,300 3,410 $11,5707,810 910 $12,480 $13,520 1,700 $15,220 Stine Company applies manufacturing overhead to jobs at an overhead rate of 61% 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. Round answers to o decimal places, e.g. 5,275.) No. Date Account Titles and Explanation Debit Credit (1) May 31 Work in Process Inventory 11800 Manufacturing Overhead Raw Materials Inventory 12700 (2) 31 Work in Process Inventory 600 Manufacturing Overhead Factory Labor 14910 (3) 31 Work in Process Inventory Manufacturing Overhead 8432 . (4) 31 Finished Goods Inventory Work in Process Inventory 9366 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 O decimal places, e.g. 5,275.) Work in Process Inventory T May 1 Balance 1 3,860 ITC May 1 Balance 9366 May 31 1 May 31 1 May 8432 May 31 Balance 28016 Job Beginning Work No. in Process Direct Material Job Cost Sheets Direct Labor Manufacturing Overhead 3,410 XL 1810 Exercise 15-2 Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $4,010 and two jobs in process: Job No. 429 $2,590, and Job No. 430 $1,420. During May, a summary of source documents reveals the following. Job Number Materials Requisition Slips Labor Time Tickets 429 430 431 General use $2,760 3,860 4,950 $2,300 3,410 $11,5707,810 910 $12,480 $13,520 1,700 $15,220 Stine Company applies manufacturing overhead to jobs at an overhead rate of 61% 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. Round answers to o decimal places, e.g. 5,275.) No. Date Account Titles and Explanation Debit Credit (1) May 31 Work in Process Inventory 11800 Manufacturing Overhead Raw Materials Inventory 12700 (2) 31 Work in Process Inventory 600 Manufacturing Overhead Factory Labor 14910 (3) 31 Work in Process Inventory Manufacturing Overhead 8432 . (4) 31 Finished Goods Inventory Work in Process Inventory 9366 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 O decimal places, e.g. 5,275.) Work in Process Inventory T May 1 Balance 1 3,860 ITC May 1 Balance 9366 May 31 1 May 31 1 May 8432 May 31 Balance 28016 Job Beginning Work No. in Process Direct Material Job Cost Sheets Direct Labor Manufacturing Overhead 3,410 XL 1810
