Question

Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $ 3,910 and two jobs in process: Job No. 429 $ 2,460, and Job No. 430 $ 1,450. During May, a summary of source documents reveals the following.

Job Number		Materials Requisition Slips				Labor Time Tickets
429		$ 2,900				$ 2,060
430		3,940				3,130
431		4,670		$ 11,510		7,760		$ 12,950
General use				950				1,370
				$ 12,460				$ 14,320

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

Prepare summary journal entries to record (1) the requisition slips, (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 manually. Round answers to 0 decimal places, e.g. 5,275.)

No.	Date	Account Titles and Explanation	Debit	Credit
(1)	May 31	enter an account title to record the requisition slips	enter a debit amount	enter a credit amount
		enter an account title to record the requisition slips	enter a debit amount	enter a credit amount
		enter an account title to record the requisition slips	enter a debit amount	enter a credit amount
(2)	31	enter an account title to record the time tickets	enter a debit amount	enter a credit amount
		enter an account title to record the time tickets	enter a debit amount	enter a credit amount
		enter an account title to record the time tickets	enter a debit amount	enter a credit amount
(3)	31	enter an account title to record the assignment of manufacturing overhead to jobs	enter a debit amount	enter a credit amount
		enter an account title to record the assignment of manufacturing overhead to jobs	enter a debit amount	enter a credit amount
(4)	31	enter an account title to record the completion of Job No. 429	enter a debit amount	enter a credit amount
		enter an account title to record the completion of Job No. 429	enter a debit amount	enter a credit amount

eTextbook and Media

List of Accounts

Post the entries to Work 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
choose a transaction datechoose a transaction date  May 1 BalanceMay 31 BalanceMay 31	enter a debit amount	choose a transaction datechoose a transaction date  May 31 BalanceMay 1 BalanceMay 31	enter a credit amount
choose a transaction datechoose a transaction date  May 31May 1 BalanceMay 31 Balance	enter a debit amount	choose a transaction datechoose a transaction date  May 1 BalanceMay 31 BalanceMay 31	enter a credit amount
choose a transaction datechoose a transaction date  May 1 BalanceMay 31May 31 Balance	enter a debit amount	choose a transaction datechoose a transaction date  May 1 BalanceMay 31May 31 Balance	enter a credit amount
choose a transaction datechoose a transaction date  May 31May 31 BalanceMay 1 Balance	enter a debit amount	choose a transaction datechoose a transaction date  May 31 BalanceMay 31May 1 Balance	enter a credit amount
choose the end date of the accounting periodchoose the end date of the accounting period  May 31May 31 BalanceMay 1 Balance	enter a debit balance	choose the end date of the accounting periodchoose the end date of the accounting period  May 1 BalanceMay 31 BalanceMay 31	enter a credit balance

Job Cost Sheets
Job No.		Beginning Work in Process		Direct Material		Direct Labor		Manufacturing Overhead		Total
430		$ enter a dollar amount		$ enter a dollar amount		$ enter a dollar amount		$ enter a dollar amount		$ enter a dollar amount
431		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount
		$ enter a total amount		$ enter a total amount		$ enter a total amount		$ enter a total amount		$ enter a total amount

Answer 1

	Beginning	Direct	direct	manufacturing	total
Job	WIP	materials	labor	total
429	2,460	2,900	2,060	1421	8841
430	1,450	3,940	3,130	2160	10680
431		4670	7760	5354	17784
total	3910	11510	12950	8935	37305
No	Date	Account titles and explanations				Debit	Credit
1	31-May	Work in process inventory				11,510
		factory overhead				950
		Raw materials inventory					12,460
2)	31-May	Work in process inventory				12,950
		factory overhead				1,370
		Factory wages payable					14,320
3)	31-May	Work in process inventry				8,935
		factory overhead					8,935
4)	31-May	finished goods				8,841
		Work in process inventory					8,841
		Work in process ivnentory
	BB	3,910
	1)	11,510	4)	8,841
	2)	12,950
	3)	8,935
	end bal	28,464
		Job cost sheets
		Beginning	Direct	direct	manufacturing	total
	Job	WIP	materials	labor	total
	430	1,450	3,940	3,130	2160	10680
	431		4670	7760	5354	17784
	total	1450	8610	10890	7514	28464