Please do part B Exercise 15-2 (Part Level Submission) Stine Company uses a job
ID: 2530972 • Letter: P
Question
Please do part B
Exercise 15-2 (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 $4,080 and two jobs in process: Job No. 429 $2,590, and Job No. 430 $1,490. During May, a summary of source documents reveals the following Materials Requisition Slips Labor Time Tickets Job Number 429 430 431 General use $2,130 3,580 7,740 $2,870 3,660 4,500 $13,450 $15,080 Stine Company applies manufacturing overhead to jobs at an overhead rate of 66% of direct labor cost. Job No. 429 is completed during the $11,030 990 $12,020 1,630 monthExplanation / Answer
Beginning Direct direct manufacturing total Job WIP materials labor total 429 2,590 2,870 2,130 1405.8 8996 430 1,490 3,660 3,580 2362.8 11093 431 4500 7740 5108 17348 total 4080 11030 13450 8877 37437 No Date Account titles and explanations Debit Credit 1 31-May Work in process inventory 11,030 factory overhead 990 Raw materials inventory 12,020 2) 31-May Work in process inventory 13,450 factory overhead 1,630 Factory wages payable 15,080 3) 31-May Work in process inventry 8,877 factory overhead 8,877 4) 31-May finished goods 8,996 Work in process inventory 8,996 Work in process ivnentory BB 4,080 1) 11,030 4) 8,996 2) 13,450 3) 8,877 end bal 28,441 Job cost sheets Beginning Direct direct manufacturing total Job WIP materials labor total 430 1,490 3,660 3,580 2362.8 11093 431 4500 7740 5108 17348 total 1490 8160 11320 7471 28441