Post the entries to work in process inventory and prove the

Reference no: EM13580841

Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,710 and two jobs in process: Job No. 429 $2,110, and Job No. 430 $1,600. During May, a summary of source documents reveals the following.

Job Number	Materials Requisition Slips		Labor Time Tickets
429	$2,860		$2,350
430	3,940		3,260
431	4,960	$11,760	8,140	$13,750
General use		908		1,560
		$12,668		$15,310

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.

Prepare summary journal entries to record (i) the requisition slips, (ii) the time tickets, (iii) the assignment of manufacturing overhead to jobs, and (iv) 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	Debit	Credit
(i)	May 31


(ii)	31


(iii)	31

(iv)	31

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 question.)

Work in Process Inventory

May 31 BalanceMay 31May 1 Balance

May 31May 31 BalanceMay 1 Balance

May 31May 1 BalanceMay 31 Balance

May 1 BalanceMay 31May 31 Balance

May 31May 31 BalanceMay 1 Balance

May 31May 1 BalanceMay 31 Balance

Job Cost Sheets
Job No.	Beginning Work in Process	Direct Material	Direct Labor	Manufacturing Overhead	Total
430	$	$	$	$	$
431
	$	$	$	$	$

Reference no: EM13580841

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