Business Finance Homework Help
Business Finance Homework Help. Summary Journal Entries & T-account
E2-2 Stine Company uses a job order cost
system. On May 1, the company has a balance in Work in Process Inventory of
$3,500 and two jobs in process: Job No. 429 $2,000, and job no. 430 $1,500.
During May, a summary of source documents reveals the following.
Job Number Materials Labor
Requisition Slips Time Tickets
429 $2,500 $1,900
430 3,500 3,000
431 4,400 $10,400 7,600 $12,500
General use ___ 800
1,200
$11,200
$13,700
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.
Instructions
-
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. -
Post the entries to Work in Process
Inventory, and prove the agreement of the control account with the job cost
sheets. (Use a T-account.)
Business Finance Homework Help
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