Exercise 16-2 (Part Level Submission)

Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,900 and two jobs in process: Job No. 429 $2,180, and Job No. 430 $1,720. During May, a summary of source documents reveals the following.

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 0 decimal places, e.g. 5,275.)

FULL SCREEN PRINTER VERSION BAC Exercise 16-2 (Part Level Submission) Stine Company uses a lob order cost system. On May 1, the company has a balance in workin Process Inventory of $3,900 and two jobs in process: ob No. 429 $2,180, and )ob No 430 S 1,720. During May, a summary of source docume reveals the following Materials Requisition Slips Labor Time Tickets Number 129 430 431 $2,620 3,910 4,930 S2,100 2,540 7.700 S11,510 930 512,440 $13,340 1,460 514,800 General use 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. (a) Your answer is partially correct. Try again. 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 amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) No. Date Account Titles and Explanation (1) May 31 Wark in Process Inventory Debit Credit