WleyPLUS Weygandt, Financial& Managerial Accounting, 2e Exercise 16-2 (Part Leve

Question

WleyPLUS Weygandt, Financial& Managerial Accounting, 2e Exercise 16-2 (Part Level Submission) Stine Company uses a job order cost system. On May process: Job No. 429 $2,290, and Job No. 430 $1,360. During May, a summary of source documents 1, the company has a balance in Work in Process Inventory of $3,650 and two jobs in Labor Time Tickets Job Number 429 430 431 General use umberRequisition Slips $2,950 4,000 2,410 3,440 4,740 $11,690 8.080 900$13,930 1,750 $12,590 Stine Company applies manufacturing overhead to jobs at an overhead rate of 63% of direct tabor cost. Jeb No. 429 is compred during te (a) Prepare summary journal entries to record (1) the requisition sips, (2) the time tickats, (3) the assignment of manufacturing everhead to jobs, and (4) the completion of Job No. 429 (Credit account titles are automatically indented when amount is entered. Do mot indient manually. Round answers to 0 decimal places, e.g. s,27s.) No. Date Account Titles and Explanation (1) May 31 Credit (21 31

Explanation / Answer

Journal entries No. Date Account Titles and Explanation Debit Credit 1 May.31 Work in process Inventory - Job 429 $2,950.00 Work in process Inventory - Job 430 $4,000.00 Work in process Inventory - Job 431 $4,740.00 Manufacturing Overheads $900.00 Material Inventory $12,590.00 (recording of material used for Jobs) 2 May.31 Work in process Inventory - Job 429 $2,410.00 Work in process Inventory - Job 430 $3,440.00 Work in process Inventory - Job 431 $8,080.00 Manufacturing Overheads $1,750.00 Wages Payable $15,680.00 (recording of labour used for the Jobs) 3 May.31 Work in process Inventory - Job 429 $1,518.30 Work in process Inventory - Job 430 $2,167.20 Work in process Inventory - Job 431 $5,090.40 Manufacturing Overheads $8,775.90 (recording of assignment of manufacturing overheads at 63% of direct labour cost) 4 May.31 Finished Goods Inventory $9,168.30 Work in process Inventory - Job 429 $9,168.30 (recording of transfer of completed Job 429 to Finished Goods Inventory)

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