Exercise 20-2 Stine Company uses a job order cost system. On May 1, the company

Question

Exercise 20-2 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 Materials Requisition Slips Labor Time Tickets Job Number 429 430 431 General use $2,200 3,350 8,120 $2,870 3,930 4,930 $11,730 980 $12,710 $13,670 1,700 $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.

Explanation / Answer

Work In process Inventory May 1 Bal $3,810 31-May 8742 31-May 11730 31-May 13670 31-May 8339 May 31 Bal $28,807 (bal fig) Beginning work in process Direct material Direct labor D Manufacturing overhead D*61% Total 430 1480 3930 3350 2044 10804 431 0 4930 8120 4953 18003 1480 8860 11470 6997 28807 If any doubt please comment. If satisfied you can rate

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