Question

Exercise 15-02 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. Job Number 429 430 431 Materials Requisition Slips $2,870 3,660 4,500 $11,030 990 $12,020 Labor Time Tickets $2,100 3,600 7,700 $13,400 1,630 $15,030 General use 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.

Answer 1

	Beginning	Direct	direct	manufacturing	total
Job	WIP	materials	labor	total
429	2,590	2,870	2,100	1386	8946
430	1,490	3,660	3,600	2376	11126
431		4500	7700	5082	17282
total	4080	11030	13400	8844	37354
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				13,400
		factory overhead				1,630
		Factory wages payable					15,030
3)	31-May	Work in process inventry				8,844
		factory overhead					8,844
4)	31-May	finished goods				8,946
		Work in process inventory					8,946
		Work in process ivnentory
	BB	4,080
	1)	11,030	4)	8,946
	2)	13,400
	3)	8,844
	end bal	28,408
		Job cost sheets
		Beginning	Direct	direct	manufacturing	total
	Job	WIP	materials	labor	total
	430	1,490	3,660	3,600	2376	11126
	431		4500	7700	5082	17282
	total	1490	8160	11300	7458	28408