Stine Company uses a job order cost accounting system. On May 1, the company has a balance in Work in Process Inventory of $3,260 and two jobs in process: Job No. 429 $1,910, 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
|
|
|
$2,670
|
|
|
|
$1,840
|
|
|
|
430
|
|
|
3,740
|
|
|
|
3,260
|
|
|
|
431
|
|
|
4,140
|
|
$10,550
|
|
7,700
|
|
$12,800
|
| General use |
|
|
|
|
870
|
|
|
|
1,240
|
|
|
|
|
|
$11,420
|
|
|
|
$14,040
|
Stine Company applies manufacturing overhead to jobs at an overhead rate of 70% of direct labor cost. Job No. 429 is completed during the month.Prepare summary journal entries on May 31 to record: (i) the requisition slips, (ii) the time tickets, (iii) the assignment of manufacturing overhead to jobs, and (iv) the completion of Job No. 429.