Mint Manufacturing uses a job order cost accounting system. On May 1, the company has a...
Mint Manufacturing uses a job order cost accounting system. On May 1, the company has a balance in Work in Process Inventory of $5,500 and two jobs in process: Job No. 429, $3,000 and Job No. 430, $2,500. During May, a summary of source documents reveals the following:
For Materials Requisition Slips Labor Time Tickets
Job No. 429 $ 3,500 $ 4,400
Job No. 430 2,600 3,400
Job No. 431 3,400 4,200
Job No. 432 3,000 4,000
General Use 1,000 1,500
$13,500 $17,500
Mint Manufacturing applies manufacturing overhead to jobs at an overhead rate of 70% of direct labor cost. Job No. 429 is completed during the month.
Instructions:
1. Prepare summary journal entries to record the requisition slips, time tickets, the assignment of manufacturing overhead to jobs, and the completion of Job No. 429. Show computations.
2. (a) What is the balance in Work in Process Inventory at May 31?
2. (b) If Mint Manufacturing incurred $8,000 of manufacturing overhead in addition to indirect materials and indirect labor, was overhead over- or underapplied in May and by how much?
Homework Answers
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Mint Manufacturing uses a job order cost accounting
system. On May 1, the company has a...
ACO2 Lamar Manufacturing uses a job order cost accounting system. On May 1, the company has a balance in Work in Proces...
ACO2 Lamar Manufacturing uses a job order cost accounting system. On May 1, the company has a balance in Work in Process Inventory of $3,200 and two jobs in process: Job No. 429 $2,000, and Job No. 430 $1,200. During May, a summary of source documents reveals the following. Materials Requisition Slips Labor Time Tickets Job Number 429 430 431 General use $2,500 3,600 4,400 $2,200 3,000 7,600 $10,500 1,800 $12,300 $12,800 1,950 $14,750 Lamar Manufacturing applies manufacturing overhead to...
E16-2 Stine Company uses a job order cost system. On May 1, the company has a...
E16-2 Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,500 and two jobs in process: Job No. 429 $2,000, and Job No. 430 $1,500. During May, a summary of source documents reveals the following. Job Number 429 430 431 General use Materials Requisition Slips $2,500 3,500 4,400 $10,400 800 $11,200 Labor Time Tickets $1,900 3,000 7,600 $12,500 1,200 $13,700 Stine Company applies manufacturing overhead to jobs...
Exercise 2-2 Stine Company uses a job order cost system. On May 1, the company has...
Exercise 2-2 Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,920 and two jobs in process: Job No. 429 $2,600, and Job No. 430 $1,320. During May, a summary of source documents reveals the following. Materials Labor Time Job Number Requisition Slips Tickets 429 $3,040 $2,300 430 4,020 3,400 431/ 4,740 $11,800 7,900 $13,600 General use 900 1,310 $12,700 $14,910 Stine Company applies manufacturing overhead to...
Stine Company uses a job order cost system. On May 1, the company has a balance...
Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,500 and two jobs in process: Job No. 429 $2,000, and Job No. 430 $1,500. During May, a summary of source documents reveals the following. Job Number Materials Requisition Slips Labor Time Tickets 429 $2,500 $1,900 430 3,500 3,000 431 4,400 $10,400 7,600 $12,500 General use 800 1,200 $11,200 $13,700 Stine Company applies manufacturing overhead to jobs at...
Stine Company uses a job order cost system. On May 1, the company has a balance...
Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $4,240 and two jobs in process: Job No. 429 $2,580, and Job No. 430 $1,660. During May, a summary of source documents reveals the following Job Number 429 Materials Requisition Slips $3,040 3.680 4,710 $11.430 940 430 Labor Time Tickets $2,100 3,300 8,100 $13,500 1.360 $14,860 431 General use $12,370 Stine Company applies manufacturing overhead to jobs at...
E2-2 Stine Company uses a job order cost system. On May 1, the company has a...
E2-2 Stine Company uses a job order cost system. On May 1, the company has a balance Prepare in Work in Process Inventory of $3,500 and two jobs in process: Job No. 429 $2,000, and manugfa Job No. 430 $1,500. During May, a summary of source documents reveals the following. (LO 1, 2 Materials Labor Time Tickets Job Number 429 430 431 General use Requisition Slips $2,500 3,500 4,400 $1,900 3,000 7,600 $10,400 800 $11,200 $12,500 1,200 $13,700 Stine Company...
Stine Company uses a job order cost system. On May 1, the company has a balance...
Stine Company uses a job order cost system. On May 1, the
company has a balance in Work in Process Inventory of $4,240 and
two jobs in process: Job No. 429 $2,580, and Job No. 430 $1,660.
During May, a summary of source documents reveals the
following.
Job Number
Materials
Requisition Slips
Labor Time
Tickets
429
$3,040
$2,100
430
3,680
3,300
431
4,710
$11,430
8,100
$13,500
General use
940
1,360
$12,370
$14,860
Stine Company applies manufacturing overhead to jobs at...
E15.2 (LO 1, 2, 3, 4) Stine Company uses a job order cost system. On May...
E15.2 (LO 1, 2, 3, 4) Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,500 and two jobs in process: Job No. 429 $2,000, and Job No. 430 $1,500. During May, a summary of source documents reveals the following. Materials Labor Job Number Requisition Slips Time Tickets 429 $2,500 3,500 4,400 $1,900 430 3,000 431 $10,400 $12,500 7,600 General use 800 1,200 $11,200 $13,700 Stine Company...
Stine Company uses a job order cost system. On May 1, the company has a balance...
Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,610 and two jobs in process: Job No. 429 $2,140, and Job No. 430 $1,470. During May, a summary of source documents reveals the following Materials Requisition Slips Labor Time Tickets Job Number 429 430 431 General use $2,940 4,090 4,920 $2,060 3,600 8,060 $11,950 930 $12,880 $13,720 1,590 $15,310 Stine Company applies manufacturing overhead to jobs at...
Milner Manufacturing uses a job-order costing system. On May 1, the company has a balance in...
Milner Manufacturing uses a job-order costing system. On May 1, the company has a balance in Work in Process Inventory of $3,800 and two jobs in process: Job No. 429 $2,120, and Job No. 430 $1,680. During May, a summary of source documents reveals the following: Job Number Labour Time Tickets 429 Materials Requisition Slips $2,350 39 3,830 $2,020 430 3,410 7.720 4.470 431 General use $10,650 1.160 $11.810 $13,150 1,680 $14,830 Milner Manufacturing applies manufacturing overhead to jobs at...
ACO2 Lamar Manufacturing uses a job order cost accounting system. On May 1, the company has a balance in Work in Process Inventory of $3,200 and two jobs in process: Job No. 429 $2,000, and Job No. 430 $1,200. During May, a summary of source documents reveals the following. Materials Requisition Slips Labor Time Tickets Job Number 429 430 431 General use $2,500 3,600 4,400 $2,200 3,000 7,600 $10,500 1,800 $12,300 $12,800 1,950 $14,750 Lamar Manufacturing applies manufacturing overhead to...
E16-2 Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,500 and two jobs in process: Job No. 429 $2,000, and Job No. 430 $1,500. During May, a summary of source documents reveals the following. Job Number 429 430 431 General use Materials Requisition Slips $2,500 3,500 4,400 $10,400 800 $11,200 Labor Time Tickets $1,900 3,000 7,600 $12,500 1,200 $13,700 Stine Company applies manufacturing overhead to jobs...
Exercise 2-2 Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,920 and two jobs in process: Job No. 429 $2,600, and Job No. 430 $1,320. During May, a summary of source documents reveals the following. Materials Labor Time Job Number Requisition Slips Tickets 429 $3,040 $2,300 430 4,020 3,400 431/ 4,740 $11,800 7,900 $13,600 General use 900 1,310 $12,700 $14,910 Stine Company applies manufacturing overhead to...
Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $4,240 and two jobs in process: Job No. 429 $2,580, and Job No. 430 $1,660. During May, a summary of source documents reveals the following Job Number 429 Materials Requisition Slips $3,040 3.680 4,710 $11.430 940 430 Labor Time Tickets $2,100 3,300 8,100 $13,500 1.360 $14,860 431 General use $12,370 Stine Company applies manufacturing overhead to jobs at...
E2-2 Stine Company uses a job order cost system. On May 1, the company has a balance Prepare in Work in Process Inventory of $3,500 and two jobs in process: Job No. 429 $2,000, and manugfa Job No. 430 $1,500. During May, a summary of source documents reveals the following. (LO 1, 2 Materials Labor Time Tickets Job Number 429 430 431 General use Requisition Slips $2,500 3,500 4,400 $1,900 3,000 7,600 $10,400 800 $11,200 $12,500 1,200 $13,700 Stine Company...
Stine Company uses a job order cost system. On May 1, the
company has a balance in Work in Process Inventory of $4,240 and
two jobs in process: Job No. 429 $2,580, and Job No. 430 $1,660.
During May, a summary of source documents reveals the
following.
Job Number
Materials
Requisition Slips
Labor Time
Tickets
429
$3,040
$2,100
430
3,680
3,300
431
4,710
$11,430
8,100
$13,500
General use
940
1,360
$12,370
$14,860
Stine Company applies manufacturing overhead to jobs at...
E15.2 (LO 1, 2, 3, 4) Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,500 and two jobs in process: Job No. 429 $2,000, and Job No. 430 $1,500. During May, a summary of source documents reveals the following. Materials Labor Job Number Requisition Slips Time Tickets 429 $2,500 3,500 4,400 $1,900 430 3,000 431 $10,400 $12,500 7,600 General use 800 1,200 $11,200 $13,700 Stine Company...
Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,610 and two jobs in process: Job No. 429 $2,140, and Job No. 430 $1,470. During May, a summary of source documents reveals the following Materials Requisition Slips Labor Time Tickets Job Number 429 430 431 General use $2,940 4,090 4,920 $2,060 3,600 8,060 $11,950 930 $12,880 $13,720 1,590 $15,310 Stine Company applies manufacturing overhead to jobs at...
Milner Manufacturing uses a job-order costing system. On May 1, the company has a balance in Work in Process Inventory of $3,800 and two jobs in process: Job No. 429 $2,120, and Job No. 430 $1,680. During May, a summary of source documents reveals the following: Job Number Labour Time Tickets 429 Materials Requisition Slips $2,350 39 3,830 $2,020 430 3,410 7.720 4.470 431 General use $10,650 1.160 $11.810 $13,150 1,680 $14,830 Milner Manufacturing applies manufacturing overhead to jobs at...
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