California State University Chico Operations And Supply Chain Management Assignment Help - Stine Company

Question - E2-2: 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---------- Materials Requisitions Slips------------------------------- Labor Time Tickets
429 --------------------------$2,500 --------------------------------------------------------$1,900
430 --------------------------$3,500 --------------------------------------------------------$3,000
431------------------------ +$4,400------------------------------------------------------- + $7,500
-------------------------------$10,400 --------------------------------------------- ...Read More ----------$12,500
....................................+ $800 ........................................................................+ $1,200
.....................................$11,200 .......................................................................$13,700
Stine Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor
cost. Job No. 429 is completed during this month.
(a) 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.
(b) Post the entries to Work in Process Inventory, and prove the agreement of the control account
with the job cost sheets. (Use a T- Account). ...Read Less

Solution Preview - No Solution Preview Available

Original Question Documents

N/A