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] WileyPLUS - C O edugen.wileyplus.com/ed n.uni Return to Blackboard Principles,

ID: 2562527 • Letter: #

Question

] WileyPLUS - C O edugen.wileyplus.com/ed n.uni Return to Blackboard Principles, 12e PRINTER VERSION BACH ASSIGNMENT RESOURCES Exercise 20-2 stine Company uses a job order cost system. On May 1, the company has source documents reveals the following. New Assianment 4 balance in workin Process Inventory of S4,320 and two jo s in process: Job No. 42 $2,580, and Job No. 4301,740. During May, a sum mary of Labor Time Tickets Materials Job Number 429 430 431 General use Requisition Sli $3,090 3,990 4,770 $2,200 3,240 7,840 Problem 20-1A (Part Problem 20-2A (Part $11,850 910 $12,760 $13,280 1,800 $15,080 Revlew Score Objective Stine Company epplies manufacturing overhead to jobs at an overhead rate of 62% of direct labor cost. Job No. 429 is completed during the month. Prepare summary journal entries to record (1) the requis tion slips, (2) the time tickets, (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Jab No. 429. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) No. Date Account Titles and Explanation (1) May 31 Debit Credit (2) 31 31 (4) 31 Post the entries to work in Process Inventory and prove the agreement of the control account with the ob cost sheets. (Post entries in the order ofjourna, entries presented in the previous part. Round 0 decimal places, e.g. 5,275.) nswers to Work in Process Inventory

Explanation / Answer

Answer:

Journal entries

Date

Description

Debit $

Credit $

31-May

Work In Process Inventory

11850

Manufacturing Overhead

910

Raw Material Inventory

12760

31-May

Work In Process Inventory

13280

Manufacturing Overhead

1800

Factory Labour

15080

31-May

Work In Process Inventory

8234

Manufacturing Overhead

8234

($13280*62%)

Finished Goods Inventory

9234

Work In Process Inventory

9234

($2,580+$3090+$2,200+
$1364($2,200*62%))

_____________________________________________

2

Posting of entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets.

Work in Process Inventory Account

May,1 Balance

$4,320

May,31 Finished Goods Inventory

$9,234

May,31 Raw Material Inventory

$11,850

Balance

$28,450

May,31 Factory Labour

$13,280

May,31  Manufacturing Overhead

$8,234

Total

$37,684

Total

$37,684

_____________________________________________

3

Job

BWIP

DM

DL

MOH
62% of DL

Total

430

$1,740.00

$3,990

$3,240

$2,009

10978.8

431

$4,770

$7,840

$4,861

17470.8

Total

28450

Date

Description

Debit $

Credit $

31-May

Work In Process Inventory

11850

Manufacturing Overhead

910

Raw Material Inventory

12760

31-May

Work In Process Inventory

13280

Manufacturing Overhead

1800

Factory Labour

15080

31-May

Work In Process Inventory

8234

Manufacturing Overhead

8234

($13280*62%)

Finished Goods Inventory

9234

Work In Process Inventory

9234

($2,580+$3090+$2,200+
$1364($2,200*62%))