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khalilh1206
khalilh1206
27.05.2021 • 
Business

Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,510 and two jobs in process: Job No. 429 $2,150, and Job No. 430 $1,360. During May, a summary of source documents reveals the following. Job Number Materials Requisition Slips Labor Time Tickets 429 $2,970 $2,100 430 4,100 3,200 431 4,540 $11,610 8,100 $13,400 General use 900 1,590 $12,510 $14,990 Stine Company applies manufacturing overhead to jobs at an overhead rate of 68% 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

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