Stine Company uses a job order cost system. On May 1, the company has a balance
ID: 2584724 • Letter: S
Question
Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $4,140 and two jobs in process: Job No. 429 $2,450, and Job No. 430 $1,690. During May, a summary of source documents reveals the following.l Sprint 8:56 PM 99% Exercise 20-2 Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $4,140 and two jobs in process: Job No. 429 $2,450, and Job No. 430 $1,690. During May, a summary of source documents reveals the following. Brief Exercise 204 & Brief Exercise 20-3 $2,160 3,360 ,870 11,400 8,030 429 $2,920 3,610 a Exerse 20-21Part $13,5s0 1,600 $15,150 General use Benew scorn $12,360 Stine Company applies manufacturing overhead to jobs at an overhead rate of 65% of direct labor cost. Job No. 429 is completed during the month Prepare summary journal entries to record (1) the requisition sips, (2) the time tickets, (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Job No. 429. (Credit account titles are automatically indented when amount is entered. Do not indent manualy, Round answers to 0 decimal places, e.g. S,275) Na. Date Accseat Titles and Esplasation (1) May 31 (2) 31 (3) 31 (4) 31 LIST OF ACCOUNTS Post the entries to Werk in Process Inventory, and prove the agreement of the control account with the job cost sheets (Post entries in the order of journal entries presented in the previous part. Round answers to 0 decimal places, e-g.5,275) Work in Process Inventory ob Beginning Work 431
Explanation / Answer
Job 429 job 430 job 431 total Beginning wip 2450 1690 4140 Cost added during the year direct materials 2920 3610 4870 11400 direct labor 2160 3360 8030 13550 overhead applied 1404 2184 5220 8808 total cost added during the year 6484 9154 18120 33758 total cost 8934 10844 18120 37898 Journal Entries no Date Account titles & Explanations Debit Credit 1) 31-May Work in process inventory 11,400 Factory overhead 960 Raw materials inventory 12,360 2) 31-May Work in process inventory 13,550 Factory overhead 1,600 Factory payroll 15,150 3) 31-May Work in process inventory 8,808 Factory overhead 8,808 4) 31-May Finished goods inventory 8,934 Work in process inventory 8,934 Work in process inventory 1-May 4,140 4) 8,934 1) 11,400 2) 13,550 3) 8,808 Bal 28,964 job Cost Sheets job beg WIP DM DL OH total 430 1,690 3610 3360 2184 10,844 431 4870 8030 5220 18120 1,690 8480 11390 7404 28,964
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