Business, 12.02.2021 16:50 archiecom55

Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,810 and two jobs in process: Job No 429 $2,330 and Job No. 430 $1,480.

During May, a summary of source documents reveals the following:

Job NumberMaterials Requisition Slips Labor Time Tickets
429$2,870 $2,200
4303,930 3,350
4314,930$11,7308,120$13,670
General use 980 1,700
$12,710 $15,370
Stine Company applies manufacturing overhead to jobs at an overhead rate of 61% of direct labor cost.

Job No. 429 is completed during the month.

Required:

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.

(Round answers to 0 decimal places)

Answers: 2

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