Preparation of journal entries
Stine Company Journal entries
1. May 31
Dr Work in process inventory $11,610
Dr Manufacturing overhead $900
Cr Raw materials inventory $12,510
(To record requisition slips)
2. May 31
Dr Work in process inventory $13,400
Dr Manufacturing overhead $1,590
Cr Factory labor $14,990
(To record the time tickets)
3. May 31
Dr Work in process $9,112
($13,400*68%)
Cr Manufacturing overhead $9,112
(To record assignment of manufacturing overhead to jobs)
4. May 31
Dr Finished goods inventory $8,648
Cr Work in process inventory $8,648
[( $2,150+$2,970+$2,100+($2100*68%)]
(To record the completion of Job No. 429)
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