Exercise 15-2 (Part Level Submission) Stine Company uses a job order cost system

Question

Exercise 15-2 (Part Level Submission) 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. Materials Requisition Slips Labor Time Tickets Job Number 429 430 431 General use $2,940 3,850 4,680 $2,300 3,400 $11,470 8,170 13,870 1,570 $15,440 940 $12,410 | Stine Company applies manufacturing overhead to jobs at an overhead rate of 68% of direct labor cost. Job No. 429 s completed during the month.

Explanation / Answer

WORK IN PROCESS INVENTORY May 1 balance 3770 May 31 Finished Goods 9234 31-May Material 11470 31-May labour 13870 31-May Overheads 9431.6 may 31 Balance 29307.6 JOB COST SHEET Job no. Beg. WIP Material Labour Overheads Total 430 1340 3850 3400 2312 10902 431 0 4680 8170 5555.6 18405.6 TOTAL 1340 8530 11570 7867.6 29307.6 Note: Total cost of Job 429 transferred to Finished goods: Beginning cost 2430 Add: Material 2940 Add: Labour 2300 Add: Overheads (2300*68%) 1564 Total cost of Job 429 9234

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.