Question

In: Accounting

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

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

Solutions

Expert Solution

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

Related Solutions

Stine Company uses a job order cost system. On May 1, the company has a balance...
Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,900 and two jobs in process: Job No. 429 $2,450, 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 $3,000 $2,200 430 3,730 3,400 431 4,710 $11,440 8,200 $13,800 General use 980 1,330 $12,420 $15,130 Stine Company applies manufacturing overhead to jobs at...
Stine Company uses a job order cost system. On May 1, the company has a balance...
Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,500 and two jobs in process: Job No. 429 $2,000, and Job No. 430 $1,500. During May, a summary of source documents reveals the following. Job Number Materials Requisition Slips Labor Time Tickets 429 2,500 1,900 430 3,500 3,000 431 4,400 10,400 7,600 12,500 General use 800 1,200 11,200 13,700 Stine Company applies manufacturing overhead to jobs at...
Stine Company uses a job order cost system. On May 1, the company has a balance...
Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $ 4,130 and two jobs in process: Job No. 429 $ 2,370, and Job No. 430 $ 1,760. During May, a summary of source documents reveals the following. Job Number Materials Requisition Slips Labor Time Tickets 429 $ 3,090 $ 2,080 430 3,960 3,310 431 4,820 $ 11,870 8,180 $ 13,570 General use 960 1,320 $ 12,830 $...
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...
Cullumber Company uses a job order cost system. On May 1, the company has a balance...
Cullumber Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,770 and two jobs in process: Job No. 429 $2,430, and Job No. 430 $1,340. During May, a summary of source documents reveals the following. Job Number Materials Requisition Slips Labor Time Tickets 429 $2,940 $2,300 430 3,850 3,400 431 4,680 $11,470 8,200 $13,900 General use 940 1,570 $12,410 $15,470 Cullumber Company applies manufacturing overhead to jobs at...
Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order...
Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: Materials purchased on account, $591,670. Materials requisitioned, $497,000, of which $64,610 was for general factory use. Factory labor used, $609,420, of which $115,790 was indirect. Other costs incurred on account for factory overhead, $142,000; selling expenses, $218,920; and administrative expenses, $130,170. Prepaid expenses expired for factory overhead were $27,220; for selling...
Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order...
Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: Materials purchased on account, $820,330. Materials requisitioned, $689,080, of which $89,580 was for general factory use. Factory labor used, $844,940, of which $160,540 was indirect. Other costs incurred on account for factory overhead, $196,880; selling expenses, $303,520; and administrative expenses, $180,470. Prepaid expenses expired for factory overhead were $37,740; for selling...
Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order...
Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: Materials purchased on account, $738,430. Materials requisitioned, $620,280, of which $80,640 was for general factory use. Factory labor used, $760,580, of which $144,510 was indirect. Other costs incurred on account for factory overhead, $177,220; selling expenses, $273,220; and administrative expenses, $162,450. Prepaid expenses expired for factory overhead were $33,970; for selling...
Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order...
Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: Materials purchased on account, $492,950. Materials requisitioned, $414,080, of which $53,830 was for general factory use. Factory labor used, $507,740, of which $96,470 was indirect. Other costs incurred on account for factory overhead, $118,310; selling expenses, $182,390; and administrative expenses, $108,450. Prepaid expenses expired for factory overhead were $22,680; for selling...
Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order...
Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: Materials purchased on account, $770,000. Materials requisitioned, $680,000, of which $75,800 was for general factory use. Factory labor used, $756,000, of which $182,000 was indirect. Other costs incurred on account for factory overhead, $245,000; selling expenses, $171,500; and administrative expenses, $110,600. Prepaid expenses expired for factory overhead, $24,500; for selling expenses,...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT