Exercise 2-2 (Part Level Submission) Job Number Materials Requisition Slips Labo

Question

Exercise 2-2 (Part Level Submission)

Job Number

Materials
Requisition Slips

Labor Time
Tickets

(a)

No.

Date

Account Titles and Explanation

Debit

Credit

May 31

31

31

31

Exercise 2-2 (Part Level Submission)

Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $4,210 and two jobs in process: Job No. 429 $2,420, and Job No. 430 $1,790. During May, a summary of source documents reveals the following.

Job Number

Materials
Requisition Slips

Labor Time
Tickets

429 $3,020 $2,290 430 3,740 3,100 431 4,920 $11,680 7,800 $13,190 General use 960 1,520 $12,640 $14,710
Stine Company applies manufacturing overhead to jobs at an overhead rate of 62% of direct labor cost. Job No. 429 is completed during the month.

Explanation / Answer

31-May Work in Process inventory 11680 Manufacturing Overhead 960          Raw Materials Inventory 12640 31-May Work in Process inventory 13190 Manufacturing Overhead 1520         Factory Labor 14710 31-May Work in Process inventory 8178 =13190*62%         Manufacturing Overhead 8178 31-May Finished Goods inventory 9150 =3020+2290+(2290*62%)+2420         Work in Process inventory 9150

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