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Question - Stine Company uses a job order cost system. On May 1, the company has a balance in work in process Inventory of $3,890 and two Jobs in process: Job No. 429 $2,540, and Job No. 430 $1,350. During May, a summary of source documents revels the following.
Job Number
Materials Requisition Slips
Labor Time Tickets
429
$2,980
$2,070
430
4,000
3,520
431
4,560
$11,540
7,730
$13,320
General use
900
1,670
$12,440
$14,990
Stine Company applies manufacturing overhead to jobs at an overhead rate of 64% of direct labor cost. Job No. 429 is completed during the month.
Required -
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.
Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets.
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