agreement of the control account with the job cost sheets.
Second part to the same question.Â
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Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets.
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) Your answer is correct. 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 (iv) 31 Work in Proce 11560 950 Raw Materials 12510 Work in Proce 13330 Manufacturing 1470 Factory Labor 14800 Work in Proce 9331 Manufacturing 9331 Finished Good 9052 Work in Proce 9052
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