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Please help! I need to Prepare summary journal entries to record (i) the requisition slips, (ii) the time tickets, (iii) the assignment of manufacturing overhead
Please help! I need to Prepare summary journal entries to record (i) the requisition slips, (ii) the time tickets, (iii) the assignment of manufacturing overhead to jobs, and (iv) the completion of Job No. 429. I need to make sure all boxes and questiones are filled/answered.
Exercise 2-2 Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,840 and two jobs in process: Job No. 429 $2,370, and Job No. 430 $1,470. During May, a summary of source documents reveals the following. Materials Requisition Slips Labor Time Tickets Job Number 429 430 431 General use $2,360 3,260 8,010 $2,830 3,760 4,950 $11,540 974 $12,514 $13,630 1,300 $14,930 Stine Company applies manufacturing overhead to jobs at an overhead rate of 70% of direct labor cost. Job No. 429 is completed during the month
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