Please do part B Exercise 15-2 (Part Level Submission) Stine Company uses a job
ID: 2531925 • 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 ob Number 429 430 431 General use Labor Time Tickets $2,870 3,660 $2,130 3,580 4,500 $11,030 7,740 $13,450 1,630 $15,080 990 $12,020 Stine Company applies manufacturing overhead to jobs at an overhead rate of 66% of direct labor cost. Job No. 429 is completed during the month Your answer is correct Prepare summary journal entries to record (1) the requisition slips, (2) the time tickets, (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Job No. 429. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 5,275.) No. Date Account Titles and Explanation Debit Credit (1) May 31 Work in Process Inventory 11030 Manufacturing Overhead 990 Raw Materials Inventory 12020 (2)31 Work in Process Inventory 13450 Manufacturing Overhead 1630 Factory Labor 15080 (3) 31 Work in Process Inventory 8877 Manufacturing Overhead 8877 (4)31 Finished Goods Inventory 8996 Work in Process Inventory 8996Explanation / Answer
Answer a. Journal Entry Date Particulars Dr. Amt. Cr. Amt. 31-May Work in Progress Inventory 11,030.00 Manufacturing Overhead 990.00 Raw Materials Inventory 12,020.00 (to record the requisition slips) 31-May Work in Progress Inventory 13,450.00 Manufacturing Overhead 1,630.00 Factory Labor 15,080.00 (to record the time tickets) 31-May Work in Progress Inventory 8,877.00 Manufacturing Overhead 8,877.00 (To record the manufacturing overhead applied) 31-May Finished Goods Inventory 8,996.00 Work in Progress Inventory 8,996.00 (to record the Job No 429 transferred to finished inventory) Answer b. Work In Progress Inventory Beg. Bal. 4,080.00 8,996.00 31-May 31-May 11,030.00 31-May 13,450.00 31-May 8,877.00 End. Bal. 28,441.00 Answer c. Job Cost Sheets Job No. Beginning WIP Direct Material Direct Labor Manufacturing Overhead Total 430 1,490.00 3,660.00 3,580.00 2,363.00 11,093.00 431 - 4,500.00 7,740.00 5,108.00 17,348.00 Total 1,490.00 8,160.00 11,320.00 7,471.00 28,441.00