Job Number Materials Requisition Slips Labor Time Tickets Prepare summary journa

Question

Job Number

Materials
Requisition Slips

Labor Time
Tickets

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. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $4,040 and two jobs in process: Job No. 429 $2,490, and Job No. 430 $1,550. During May, a summary of source documents reveals the following.

Job Number

Materials
Requisition Slips

Labor Time
Tickets

429 $2,900 $2,100 430 3,970 3,510 431 4,570 $11,440 8,000 $13,610 General use 903 1,510 $12,343 $15,120
Stine Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month.

Explanation / Answer

Journal Job 429 Job 430 Job 431 General use i requisition slip WIP 2900 3970 4570 903    To Raw material inventory 2900 3970 4570 903 ii time tickets WIP 2100 3510 8000 1510    To Factory labor 2100 3510 8000 1510 iii assignment of overhead WIP 1260 2106 4800 906    To Factory overhead 1260 2106 4800 906 iv completion of job Finished goods 6260    To WIP 6260

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