Job Order Cost Accounting Battle Manufacturing uses a job order cost accounting

Question

Job Order Cost Accounting Battle Manufacturing uses a job order cost accounting system. On October 1, the company has a balance in Work in Process Inventory of $5,500 and two jobs in process: Job No. 429, $3,000 and Job No. 430, $2,500. During October, a summary of source documents reveals the following:

For Materials Requisition Slips & Labor Time Tickets

Job No. 429 $ 4,500 (Materials) $ 6,400 (Labor)

Job No. 430 2,600 (Materials)  3,400 (Labor)

Job No. 431 3,400 (Materials) 4,200 (Labor)

Job No. 432 3,000(Materials) 4,000 (Labor)

General Use 1,000 Materials) 1,500 (Labor)

Battle Manufacturing applies manufacturing overhead to jobs at an overhead rate of 70% of direct labor cost. Job No. 429 is completed during the month.

Instructions

(a) Prepare summary journal entries to record the requisition slips, time tickets, the assignment of manufacturing overhead to jobs, and the completion of Job No. 429. Show computations.

(b) What is the balance in Work in Process Inventory at October 31?  Is it $9,000?

My answer is below.  I just need verification that I got it right.

Explanation / Answer

Your answer is absolutely correct.

Answer for B.

Ending balance of work in process = Beginning work in process+Manufacturing cost-cost of goods manufactured

=$5,500+$13,500-$10,000(job no.429)

=$9,000

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