| I have a few questions that I just cannot seem to get. If anyone could help I would be very appreciative. Thanks 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. 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.) Account titles Debit Credit (1) May 31 Work in Process Inventory 11,470 Manufacturing Overhead 940 Raw Materials Inventory 12,410 (2) 31 Work in Process Inventory 13,870 Manufacturing Overhead 1,570 Factory Labor 15,440 (3) 31 Work in Process Inventory 9432 Manufacturing Overhead 9432 (4) 31 Finished Goods Inventory ????? Work in Process Inventory ??????? 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.) | Job Cost Sheets | | Job No. | | Beginning Work in Process | | Direct Material | | Direct Labor | | Manufacturing Overhead | | | 430 ?????? 3,850 3,400 ?????? 431 ?????? 4,680 8,170 ?????? Total ?????? 8,530 11,570 ?????? | |
