nting Principles, 12e 20-2 Stine Company uses a job order cost system. On May 1,

Question

nting Principles, 12e 20-2 Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3.770 and two gobs in process: Job No. 429 $2,430, and Job No. 430 $1,340. During May, a summary of source documents reveals the following Requisition Slips Job Number 429 430 431 General use $2,940 $2,300 3,850 8,170 $11,470 940 $12,410 $13,870 1,570 15,440 stine Company applies manufacturing overhead to obs at an overhead rate of 68% of direct labor cost. Job No. 429 is completed during the month. of bh No. 429' (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to O decimal places, eg. 5,275.) (1) May 31 (2) 31 31

Explanation / Answer

1) Journal Entries :-

2) Work in Process Inventory Account :-

3) Job Cost Sheet :-

Date Particulars Debit($) Credit($) May 31 Work in Process Inventory A/c Dr. 11470 Manufacturing Overhead A/c Dr. 940 To Raw Materials Inventory A/c 12410 May 31 Work in Process Inventory A/c Dr. 13870 Manufacturing Overhead A/c Dr. 1570 To Factory Labor a/c 15440 May 31 Work in Process Inventory A/c Dr.(13870*68%) 9432 To Manufacturing Overhead A/c 9432 May 31 Finished Goods Inventory A/c Dr. 9234 To Work in Process Inventory A/c 9234 ($2430+$2940+$2300+($2300*68%))

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