Dr Nick

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About Dr Nick

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Art & Design,Computer Science See all
Art & Design,Computer Science,Engineering,Information Systems,Programming Hide all
Teaching Since: May 2017
Last Sign in: 373 Weeks Ago, 5 Days Ago
Questions Answered: 19234
Tutorials Posted: 19224

Education

  • MBA (IT), PHD
    Kaplan University
    Apr-2009 - Mar-2014

Experience

  • Professor
    University of Santo Tomas
    Aug-2006 - Present

Category > Accounting Posted 10 Jun 2017 My Price 15.00

Journal Entries &

E2-2 Stine Company uses a job order costsystem. 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

StineCompany applies manufacturing overhead to jobs at an overhead rate of 60% ofdirect labor cost. Job No. 429 is completed during the month.

Instructions

  1. Prepare summary journal entries torecord (i) the requisition slips, (ii) the time tickets, (iii) the assignmentof manufacturing overhead to jobs, and (iv) the completion of Job No. 429.

  2. Post the entries to Work in ProcessInventory, and prove the agreement of the control account with the job costsheets. (Use a T-account.)

Answers

Dr Nick
(4)
Status NEW Posted 10 Jun 2017 03:06 PM My Price 15.00

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