Question

Bonita Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,890 and two jobs in process: Job No. 429 $2,540, and Job No. 430 $1,350. During May, a summary of source documents reveals the following. Job Number Materials Requisition Slips Labor Time Tickets 429 $2,980 $2,100 430 4,000 3,500 431 4,560 $11,540 7,700 $13,300 General use 900 1,670 $12,440 $14,970 Bonita Company applies manufacturing overhead to jobs at an overhead rate of 64% of direct labor cost. Job No. 429 is completed during the month.

Exercise 15-02 a-b (Video) (Part Level Submission) Bonita Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,890 and two jobs in process: Job No. 429 $2,540, and Job No. 430 $1,350. During May, a summary of source documents reveals the following. Materials Labor Time Job Number Requisition Slips Tickets 429 $2,980 $2,100 430 4,000 3,500 431 4,560 $11,540 7,700 $13,300 General use 900 1,670 $12,440 $14,970 Bonita Company applies manufacturing overhead to jobs at an overhead rate of 64% of direct labor cost. Job No. 429 is completed during the month. 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.) No. Date Account Titles and Explanation Debit Credit (1) May 31 D (2) 31 (3) 31 31

Answer 1

Journal entries

Date	Account titles and explanation	Debit	Credit
May 31	Work in process	11540
	Manufacturing overhead	900
	Raw material		12440
May 31	Work in process	13300
	Manufacturing overhead	1670
	Wages payable		14970
May 31	Work in process (13300*64%)	8512
	Manufacturing overhead		8512
May 31	Finished goods	8964
	Work in process		8964

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