Stine Company uses a job order cost system. On May 1, the company has a balance in work in Process Inventory of $4,140 and two jobs in process: Job No. 429 $2,450, and Job No. 430 $1,690. During May, a summary of source documents reveals the following Job Number Materials Labor Time Tickets Requisition Slips 429 $2,920 $2,160 430 3,610 3,360 431 4,870 General use $11,400 960 8,030 $13,550 $12,360 1,600 $15,150 Stine Company applies manufacturing overhead to jobs at an overhead rate of 65% 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. No. Date Account Titles and Explanation Debit Credit (1) May 31 (2) 31 (3) 31 (4) 31

Stine Company uses a job order cost system. On May 1, the company has a balance in work in Process Inventory of $4,140 and two jobs in process: Job No. 429 $2,450, and Job No. 430 $1,690. During May, a summary of source documents reveals the following Job Number Materials Labor Time Tickets Requisition Slips 429 $2,920 $2,160 430 3,610 3,360 431 4,870 General use $11,400 960 8,030 $13,550 $12,360 1,600 $15,150 Stine Company applies manufacturing overhead to jobs at an overhead rate of 65% 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. No. Date Account Titles and Explanation Debit Credit (1) May 31 (2) 31 (3) 31 (4) 31

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter5: Product And Service Costing: Job-order System

Section: Chapter Questions

Problem 21E: Lorrimer Company has a job-order cost system. The following debits (credits) appeared in the...

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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. Prepare journal entries for manufacturing costs. Job Number Materials Labor Requisition Slips Time Tickets 429 $2,500.00 $1,900 430 3,500 3,000 431 4,400 7,600 General use 800 1200 Stine Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month. Instructions a. Prepare summary journal entries to record (1) the requisition slips, (2) the time tickets, (3) the assignment of manufacturing overhead to jobs,…
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 MaterialsRequisition Slips Labor TimeTickets 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 an overhead rate of 60% 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.) No. Date Account Titles and Explanation…