Stine Company uses a job order cost system. On May 1, thecompany has a balance in Work in Process Inventory of $ 4,130 andtwo jobs in process: Job No. 429 $ 2,370, and Job No. 430 $ 1,760.During May, a summary of source documents reveals thefollowing.
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 | | | | $ 14,890 |
Stine Company applies manufacturing overhead to jobs at an overheadrate of 69% of direct labor cost. Job No. 429 iscompleted during the month.
Correct answer iconYour answer is correct.
Prepare summary journal entries to record (1) the requisitionslips, (2) the time tickets, (3) the assignment of manufacturingoverhead to jobs, and (4) the completion of Job No. 429.(Credit account titles are automatically indented whenamount is entered. Do not indent manually. Round answers to 0decimal 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 manufacturingoverhead to jobs | enter a debit amount | enter a credit amount |
|---|
| | enter an account title to record the assignment of manufacturingoverhead 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
Partially correct answer iconYour answer is partiallycorrect.
Post the entries to Work in Process Inventory, and prove theagreement of the control account with the job costsheets.(Post entries in the order of journal entriespresented in the previous part. Round answers to 0 decimal places,e.g. 5,275.)
| Work inProcess Inventory |
|---|
choose a transaction datechoose a transactiondate May 31May 1 BalanceMay 31 Balance | enter a debit amount | choose a transaction datechoose a transactiondate May 31 BalanceMay 31May 1 Balance | enter a credit amount |
|---|
choose a transaction datechoose a transactiondate May 1 BalanceMay 31 BalanceMay 31 | enter a debit amount | choose a transaction datechoose a transactiondate May 31 BalanceMay 1 BalanceMay 31 | enter a credit amount |
|---|
choose a transaction datechoose a transactiondate May 1 BalanceMay 31May 31 Balance | enter a debit amount | choose a transaction datechoose a transactiondate May 31 BalanceMay 1 BalanceMay 31 | enter a credit amount |
|---|
choose a transaction datechoose a transactiondate May 31 BalanceMay 31May 1 Balance | enter a debit amount | choose a transaction datechoose a transactiondate May 31 BalanceMay 1 BalanceMay 31 | enter a credit amount |
|---|
choose the end date of the accounting periodchoose the end dateof the accounting period May 31May 1 BalanceMay 31Balance | enter a debit balance | choose the end date of the accounting periodchoose the end dateof the accounting period May 31 BalanceMay 31May 1Balance | 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 |
