Prepare summary journal entries
16- 2
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.
Utilize given template.
Exercise 16-2 (Part Level Submission) Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $4,260 and two jobs in process: Job No. 429 $2,460, and Job No. 430 $1,800. During May, a summary of source documents reveals the following. Job Number Materials Requisition Slips Labor Time Tickets 429 $3,090 $2,060 430 3,780 3,190 431 4,690 $11,560 8,080 $13,330 General use 950 1,470 $12,510 $14,800 Stine Company applies manufacturing overhead to jobs at an overhead rate of 70% of direct labor cost. Job No. 429 is completed during the month. (a) 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.) No . Date Account Titles and Explanation Debit Credit (i) May 31 (ii) 31 (iii) 31
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Posted 19 Dec 2017 02:12 PM
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