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Ivanhoe Company uses a job order cost system. On May 1, the company has a balance...

Ivanhoe Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,940 and two jobs in process: Job No. 429 $2,160, and Job No. 430 $1,780. During May, a summary of source documents reveals the following.

Job Number

Materials
Requisition Slips

Labor Time
Tickets
429 $2,770 $2,100
430 3,910 3,300
431 4,920 $11,600 8,200 $13,600
General use 940 1,460
$12,540 $15,060


Ivanhoe Company applies manufacturing overhead to jobs at an overhead rate of 69% of direct labor cost. Job No. 429 is completed during the month.

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

Solutions

Expert Solution

No. Date Account Titles and Explanation Debit Credit
1 May 31 Work in Process inventory 11600
Manufacturing overhead 940
      Raw materials inventory 12540
2 31 Work in Process inventory 13600
Manufacturing overhead 1460
      Factory labor 15060
3 31 Work in Process inventory 9384 =13600*69%
     Manufacturing overhead 9384
4 31 Finished goods inventory 8479 =2160+2770+2100+(2100*69%)
     Work in Process inventory 8479
Work in Process inventory
May 1 balance 3940 May 31 8479
May 31 11600
May 31 13600
May 31 9384
May 31 balance 30045
Job no Beginning work in process Direct materials Direct labor Manufacturing overhead Total
430 1780 3910 3300 2277 11267
431 0 4920 8200 5658 18778
1780 8830 11500 7935 30045

ekkarill92 answered 2 years ago
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