Business, 11.11.2020 17:30 keke6361

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 Requisition Slips Labor Time Tickets 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. Instructions a. 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. b. Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets. (Use a T-account.) (Weygandt, 12/2017, pp. 20-31-20-32) Weygandt, J. J., Kimmel, P. D., Kieso, D. E. (2017). Accounting Principles, 13th Edition. [[VitalSource Bookshelf version]]. Retrieved from vbk://9781119411017 Always check citation for accuracy before use.

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Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process I...