Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Milner Manufacturing uses a job-order costing system. On May 1, the company has a balance in Work in Process Inventory of $3,800 and two jobs

image text in transcribed
image text in transcribed
image text in transcribed
Milner Manufacturing uses a job-order costing system. On May 1, the company has a balance in Work in Process Inventory of $3,800 and two jobs in process: Job No. 429 $2,120, and Job No. 430 $1,680. During May, a summary of source documents reveals the following: Job Number Labour Time Tickets 429 Materials Requisition Slips $2,350 39 3,830 $2,020 430 3,410 7.720 4.470 431 General use $10,650 1.160 $11.810 $13,150 1,680 $14,830 Milner Manufacturing applies manufacturing overhead to jobs at an overhead rate of 60% of direct labour cost. Job No. 429 is completed during the month Prepare summary journal entries to record the: (Credit account titles are automatically indented when the amount is entered. Do not indent manually) 1. requisition slips 2. time tickets 3. assignment of manufacturing overhead to jobs 4. completion of Job No. 429 Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets. (Post entries in the order of journal entries presented in the previous part) Work in Process Inventory Job Cost Sheets Job No. Beginning Work In Process Direct Material Direct Labour Manufacturing Overhead 430$ 431 e Textbook and Media

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting An International Introduction

Authors: David Alexander

2nd Edition

9780273685203

More Books

Students also viewed these Accounting questions

Question

Define and discuss affirmative action.

Answered: 1 week ago

Question

Discuss diversity management.

Answered: 1 week ago