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Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,510 and tw

Prepare summary journal entries to record (1) the requisition slips, (2) the time tickets, (3) the assignment of manufacturin

Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets. (Post

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Answer #1
No. Date Account titles and explanation Debit Credit
(1) May 31 Work in process inventory $11610
Manufacturing overhead $900
Raw materials inventory $12510
(2) May 31 Work in process inventory $13400
Manufacturing overhead $1590
Factory labor $14990
(3) May 31 Work in process ($13400*68%) $9112
Manufacturing overhead 9112
(4) May 31 Finished goods inventory $8648
Work in process inventory $8648

Finished goods= Beginning balance+Direct materials+Direct labor+Manufacturing overhead applied

= $2150+2970+2100+(2100*68%)= $8648

Work in Process Inventory
May 1 Balance $3510 May 31 8648
May 31 11610
May 31 13400
May 31 9112
May 31 $28984
Job Cost Sheets
Job No. Beginning Work in Process Direct Materials Direct Labor Manufacturing Overhead Total
430 $1360 $4100 $3200 (3200*68%)= $2176 $10836
431 $0 4540 8100 (8100*68%)= 5508 18148
$1360 $8640 $11300 $7684 $28984
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