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Mitsy's Manufacturing Company accounts for jobs using a job order costing system. On April 1, They have a $4,200 balance in their Work in Process
Mitsy's Manufacturing Company accounts for jobs using a job order costing system. On April 1, They have a $4,200 balance in their Work in Process at the beginning of April. This consists of two jobs: Job Number 534 beginning balance is $2,500 and Job Number 535 beginning balance is $1,700. During April, a summary of the Materials Requisition Slips and Labor Time Sheets gives the following information: Job Number 534 535 536 Indirect Material Labor Requisition Time Slips Sheets 2,500.00 1,900.00 3,500.00 3,000.00 4,400.00 7,600.00 800.00 1,200.00 11,200.00 13,700.00 Mitsy's Manufacturing applies manufacturing overhead to jobs at a overhead rate of 80% of direct labor costs. Job 535 is completed during the month. Required A) Prepare journal entries fo record: - The requisition slips. (One combined entry for all jobs.) - The time sheets. (One combined entry for all jobs.) - Overhead assigned. (One combined entry for all jobs.) - The completion of Job 535 B) Create a T Account and post the entries to Work in Process. C) Create Job Cost Sheets for Job 534 and Job 536 that reconcile in total with the T Account for Work in Process
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