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Category > Accounting Posted 12 Jul 2017 My Price 9.00

Ikerd Manufacturing

E2-2     Ikerd Manufacturing uses a job order costing system. On May 1, the company has a balance in Work in Process Inventory of $3,200 and two jobs in process: Job No. 429

$2,000, and Job No. 430 $1,200. During May, a summary of source documents reveals the following.

Materials                             Labor

Job Number            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

 

                                                                                                       

 

Ikerd Manufacturing applies manufacturing overhead to jobs at an overhead rate of 80% of direct labor cost. Job No. 429 is completed during the month.

Instructions

(a)   Prepare summary journal entries to record: (i) the requisition slips, (ii) the time tick- ets, (iii) the assignment of manufacturing overhead to jobs, and (iv) the completion of Job No. 429.

(b)   Post the entries to Work in Process Inventory, and prove the agreement of the con- trol account with the job cost sheets.

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Jul 2017 08:07 AM My Price 9.00

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