Exercise 152 Part Level Submission Stine Company uses a job

Exercise 15-2 (Part Level Submission) Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,400 and two jobs in process: Job No. 429 $2,100, and Job No. 430 $1,300. During May, a summary of source documents reveals the following Materials Requisition Slips Labor Time Tickets Job Number 429 430 431 General use $2,600 3,600 4,500 $2,000 3,100 7,700 $10,700 900 $11,600 $12,800 1,300 $14,100 Stine Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month

Solution

Work in Process Inventory May-01 $3,400.00 May 31 Balance $7,900.00 May-31 $10,700.00 May-31 $12,800.00 May-31 $7,680.00 May 31 Balance $26,680.00 Job Cost Sheet Job no. Beginning WIP Direct Material Direct Labour Mfg OH Total 430 $1,300.00 $3,600.00 $3,100.00 $1,860.00 $9,860.00 431 $-    $4,500.00 $7,700.00 $4,620.00 $16,820.00 $1,300.00 $8,100.00 $10,800.00 $6,480.00 $26,680.00