Stine company applies manufacturing overhead to jobs at an

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Reference no: EM13575905

Stine Company uses a job order cost accounting system. On May 1, the company has a balance in Work in Process Inventory of $3,260 and two jobs in process: Job No. 429 $1,910, and Job No. 430 $1,350. During May, a summary of source documents reveals the following.

Job Number	Materials Requisition Slips		Labor Time Tickets
429	$2,670		$1,840
430	3,740		3,260
431	4,140	$10,550	7,700	$12,800
General use		870		1,240
		$11,420		$14,040

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 on May 31 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.

Reference no: EM13575905

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