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 $3,900 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 |
Labor Time |
||||||
| 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 an overhead
rate of 70% of direct labor cost. Job No. 429 is completed during
the month.
(a)
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.
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.)
Solutions
Expert Solution
| May-31 | Work in process | $ 11,440 | |
| Manufaturing overhead | $ 980 | ||
| Raw Materials inventory | $ 12,420 | ||
| May-31 | Work in process | $ 13,800 | |
| Manufacturing overhead | $ 1,330 | ||
| Factory labor | $ 15,130 | ||
| May-31 | Work in process | 9660 | |
| Manufacturing overhead | 9660 | ||
| 13800*0.7 | |||
| May-31 | finished goods inventory | $ 9,190 | |
| Work in process | $ 9,190 | ||
| 2450+3000+2200+2200*0.7 |
Ques 2
| Work in process inventory | |||
| May 1 Balance | 3900 | May-31 | $ 9,190 |
| May-31 | $ 11,440 | ||
| May-31 | $ 13,800 | ||
| May-31 | 9660 | ||
| May 31 Balance | $ 29,610 | ||
Ques 3
| Beg WIP | Direct Materials | Direct Labor | Man. OH | total | |
| Job No. | |||||
| 430 | $ 1,450.00 | $ 3,730.00 | $ 3,400.00 | $ 2,380.00 | $ 10,960.00 |
| 431 | $ - | $ 4,710.00 | $ 8,200.00 | $ 5,740.00 | $ 18,650.00 |
| $ 1,450.00 | $ 8,440.00 | $ 11,600.00 | $ 8,120.00 | $ 29,610.00 |
ekkarill92 answered 10 months agoRelated 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 $ 3,910 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
$...
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,...
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