Prepare journal enteries to record the requisition slips, Cost Accounting

Stine Company uses a job order cost system. On May 1st, 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.

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 completed during the month.

Instructions:

a)  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.

b)  Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheet. (Use a T-account.)

Posted Date: 3/29/2013 1:27:43 AM | Location : United States







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