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ID: 2417492 • Letter: I
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iPad 3:28 PM 62% edugen wileyplus.com Instagram H... chattanoog... McKamey A... Reset Pass. Wiley PLUS Stine Company uses a job order cost system. On May 1 the company has a in Work in Process Inventory in process: Job Nov 429 12,360, and lob No. 430 sl 450. During May, a summary of source documents reveals the following. 43 $11.230 8,200 $14,070 $12,196 $15,860 Stine Company apples manufacturing overhead tojobs at an overhead rate of 70 of direct labor cost. Job No. 429 is completed during Prepare summary journal entries to record the requisition slips, (i) the time tickets, a) the assignment facturing overhead to jobs, and (iv) the completion of No. 429. Credit account titles are automatically indented when amount is indent manually.) 00 May 31 31 (iv) 31 Process Inventory, and prove the agreement of the control account with the job cost sheets. Poatentries in the order of journal entries presented in the previous question. Beginning workExplanation / Answer
May-31 Work in process inventory $ 11,230 manufacturing overheads $ 966 Raw material inventory $ 12,196 May-31 Work in process inventory $ 14,070 manufacturing overheads $ 1,790 factory labor $ 15,860 May-31 Work in process inventory $ 9,849 manufacturing overheads $ 9,849 14070 x .70 May-31 Finished inventory $ 6,011 Work in process Inventory $ 6,011 15860 - 9849 Work in Process Inventory Balance May 1 $ 3,670 May 31 $ 38,819 May 31 $ 11,230 May 31 $ 14,070 May 31 $ 9,849 May 31 Balance $ 38,819 Job Cost Sheets Job Beginning Work Direct Direct Manufacturing No. in Process Material Labor Overhead Total 430 $ 2,360 $ 3,670 $ 3,520 $ 966 $ 10,516 431 $ 1,450 $ 4,640 $ 8,200 $ 1,790 $ 16,080 $ 3,810 $ 8,310 $ 11,720 $ 2,756 $ 26,596
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