FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

Question
Milner Manufacturing uses a job order cost accounting system. On May 1, the
company has a balance in Work in Process Inventory of $3,200 and two jobs in process: Job
No. 429 $2,000, and Job No. 430 $1,200. During May, a summary of source documents reveals
the following.
Job Number
429
430
431
General use
Assignment 3
ACCT 232
Materials
Requisition Slips
$2,500
3,500
4,400
$10,400
800
$11,200
Labor
Time Tickets
$1,900
3,000
7,600
$12,500
1,200
$13,700
Milner Manufacturing applies manufacturing overhead to jobs at an overhead rate of 80% of
direct labor cost. Job No. 429 is completed during the month.
Instructions
(a) Prepare summary journal entries on May 31 to record: (i) the requisition slips, (ii) the
time tickets, (iii) the assignment of manufacturing overhead to jobs, and (iv) the comple-
tion of Job No. 429.
(b) Post the entries to Work in Process Inventory, and prove the agreement of the control
account with the job cost sheets of the unfinished jobs.
expand button
Transcribed Image Text:Milner Manufacturing uses a job order cost accounting system. On May 1, the company has a balance in Work in Process Inventory of $3,200 and two jobs in process: Job No. 429 $2,000, and Job No. 430 $1,200. During May, a summary of source documents reveals the following. Job Number 429 430 431 General use Assignment 3 ACCT 232 Materials Requisition Slips $2,500 3,500 4,400 $10,400 800 $11,200 Labor Time Tickets $1,900 3,000 7,600 $12,500 1,200 $13,700 Milner Manufacturing applies manufacturing overhead to jobs at an overhead rate of 80% of direct labor cost. Job No. 429 is completed during the month. Instructions (a) Prepare summary journal entries on May 31 to record: (i) the requisition slips, (ii) the time tickets, (iii) the assignment of manufacturing overhead to jobs, and (iv) the comple- tion of Job No. 429. (b) Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets of the unfinished jobs.
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education