] WileyPLUS - C O edugen.wileyplus.com/ed n.uni Return to Blackboard Principles,
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Question
] WileyPLUS - C O edugen.wileyplus.com/ed n.uni Return to Blackboard Principles, 12e PRINTER VERSION BACH ASSIGNMENT RESOURCES Exercise 20-2 stine Company uses a job order cost system. On May 1, the company has source documents reveals the following. New Assianment 4 balance in workin Process Inventory of S4,320 and two jo s in process: Job No. 42 $2,580, and Job No. 4301,740. During May, a sum mary of Labor Time Tickets Materials Job Number 429 430 431 General use Requisition Sli $3,090 3,990 4,770 $2,200 3,240 7,840 Problem 20-1A (Part Problem 20-2A (Part $11,850 910 $12,760 $13,280 1,800 $15,080 Revlew Score Objective Stine Company epplies manufacturing overhead to jobs at an overhead rate of 62% of direct labor cost. Job No. 429 is completed during the month. Prepare summary journal entries to record (1) the requis tion slips, (2) the time tickets, (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Jab No. 429. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) No. Date Account Titles and Explanation (1) May 31 Debit Credit (2) 31 31 (4) 31 Post the entries to work in Process Inventory and prove the agreement of the control account with the ob cost sheets. (Post entries in the order ofjourna, entries presented in the previous part. Round 0 decimal places, e.g. 5,275.) nswers to Work in Process InventoryExplanation / Answer
Answer:
Journal entries
Date
Description
Debit $
Credit $
31-May
Work In Process Inventory
11850
Manufacturing Overhead
910
Raw Material Inventory
12760
31-May
Work In Process Inventory
13280
Manufacturing Overhead
1800
Factory Labour
15080
31-May
Work In Process Inventory
8234
Manufacturing Overhead
8234
($13280*62%)
Finished Goods Inventory
9234
Work In Process Inventory
9234
($2,580+$3090+$2,200+
$1364($2,200*62%))
_____________________________________________
2
Posting of entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets.
Work in Process Inventory Account
May,1 Balance
$4,320
May,31 Finished Goods Inventory
$9,234
May,31 Raw Material Inventory
$11,850
Balance
$28,450
May,31 Factory Labour
$13,280
May,31 Manufacturing Overhead
$8,234
Total
$37,684
Total
$37,684
_____________________________________________
3
Job
BWIP
DM
DL
MOH
62% of DL
Total
430
$1,740.00
$3,990
$3,240
$2,009
10978.8
431
$4,770
$7,840
$4,861
17470.8
Total
28450
Date
Description
Debit $
Credit $
31-May
Work In Process Inventory
11850
Manufacturing Overhead
910
Raw Material Inventory
12760
31-May
Work In Process Inventory
13280
Manufacturing Overhead
1800
Factory Labour
15080
31-May
Work In Process Inventory
8234
Manufacturing Overhead
8234
($13280*62%)
Finished Goods Inventory
9234
Work In Process Inventory
9234
($2,580+$3090+$2,200+
$1364($2,200*62%))
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