Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,750 and two jobs in process: Job No. 429 $2,160, and Job No. 430 $1,590. During May, a summary of source documents reveals the following.
|
Job Number
|
|
Materials
Requisition Slips
|
|
Labor Time
Tickets
|
| 429 |
|
$2,910 |
|
|
|
$2,330 |
|
|
| 430 |
|
3,910 |
|
|
|
3,420 |
|
|
| 431 |
|
4,800 |
|
$11,620 |
|
8,170 |
|
$13,920 |
| General use |
|
|
|
964 |
|
|
|
1,650 |
|
|
|
|
$12,584 |
|
|
|
$15,570 |
Prepare summary journal entries 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
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No.
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Date
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Account Titles and Explanation
|
Debit
|
Credit
|
| (i) |
May 31
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| (ii) |
31
|
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| (iii) |
31
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| (iv) |
31
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