1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
AysviL [449]
3 years ago
14

Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,770 and two j

obs in process: Job No. 429 for $2,430, and Job No. 430 for $1,340. During May, a summary of source documents reveals the following:
Materia Labor Time
Job # Requisition Slips Tickets
429 $2,940 $2,300
430 3,850 3,400
431 4,680 $11,470 8,170 $13,870
General use 940 1,570
$12,410 $15,440
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.
The following are summary journal entries to record the requisition slips, time tickets, assignment of manufacturing overhead to jobs, and the completion of Job No. 429:
No. Date Account Tiles and Explanation Debit Credit
1 May 31 Work in Process Inventory 11,470
Manufacturing Overhead 940
Raw Materials Inventory 12,410
2 May 31 Work in Process Inventory 13,870
Manufacturing Overhead 1,570
Factory Labor 15,440
3 May 31 Work in Process Inventory 9,432
Manufacturing Overhead 9,432
4 May 31 Finished Good Inventory 9,234
Work in Process Inventory 9,234
Required:
a. Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets.
Business
1 answer:
maxonik [38]3 years ago
4 0

Answer:

Explanation:

WORK IN PROCESS INVENTORY    

May 1 balance 3770 May 31 Finished Goods 9234

31-May Material 11470    

31-May labour 13870    

31-May Overheads 9431.6    

may 31 Balance 29307.6    

JOB COST SHEET      

Job no. Beg. WIP Material Labour Overheads Total  

430 1340 3850 3400 2312 10902  

431 0 4680 8170 5555.6 18405.6  

TOTAL 1340 8530 11570 7867.6 29307.6  

Note: Total cost of Job 429 transferred to Finished goods:  

Beginning cost  2430    

Add: Material  2940    

Add: Labour  2300    

Add: Overheads (2300*68%) 1564    

Total cost of Job 429  9234  

You might be interested in
identify the early developments in europe as having either contributed or not contributed to the rise of industrial wage labor.
dolphi86 [110]

Some developments that contributed to the increase in salaried work in Europe were:

  • Factory growth
  • Devaluation of agricultural and manual work
  • Displacement from rural to urban areas

Industrialization in Europe was a process that began in the 18th century with the industrial revolution. This event was promoted by some social, economic and cultural aspects that allowed the overcrowding of the industry such as:

Factory growth: Factory owners increased the supply of products and people increased the demand for which it was necessary to found new factories and hire more salaried labor.

Devaluation of agricultural and manual work: With the development of machines, products produced manually were devalued because it was more profitable to manufacture large quantities of a single product with the help of machines than in the traditional way. This caused many artisans to be employed in the factories.

Displacement: When agricultural work stopped being profitable for many families, they had to emigrate to the big cities and work in industrial factories to survive.

Note: This question is incomplete because the options are missing. However, I can answer it based on my prior knowledge and general knowledge.

Learn more in: brainly.com/question/18745839

7 0
3 years ago
The following information is available for the year ended December 31: Beginning raw materials inventory $ 3,900 Raw materials p
love history [14]

Answer:

Direct material used= $4,900

Explanation:

Giving the following information:

Beginning raw materials inventory $ 3,900

Raw materials purchases 5,400

Ending raw materials inventory 4,400

<u>To calculate the direct material used, we need to use the following formula:</u>

Direct material used= beginning inventory + purchases - ending inventory

Direct material used= 3.900 + 5,400 - 4,400

Direct material used= $4,900

8 0
3 years ago
Over time, 3M has relied on the results-only-work-environment (ROWE) framework and has morphed into a highly science-driven inno
katrin [286]

Answer: output controls.

Explanation:

The real-world scenario best illustrates output controls. Output control refers to the technique that is used in analysing the output that is provided by a firm.

Output control focuses on the measurable results that are within an organization. Since the company encourages its employees to spend 15 percent of their time on projects of their own choosing and the ones who looks promising are financed to develop their commercial potential, this refers to output controls.

6 0
3 years ago
If a borrower provides collateral and fails to repay the loan,
MakcuM [25]
The correct option is  B.
In case of non repayment of loan, the lender can sell the collateral and used the proceeds to cover his losses.  A collateral is always in form of properties which are substantial in value, it is often requested that borrowers provide collateral in order to reassure lenders that they will pay up.
6 0
3 years ago
Read 2 more answers
Andy’s business is not able to pay its debts, and the prospects for its finances to improve are slim. Andy decides not to contin
aalyn [17]

Answer: a. Chapter 7

Explanation:

Chapter 7 bankruptcy is a type of bankruptcy that allows trustee to sell a few of one's property in other to repay creditors. It also allows the cancelation of some debt. The chapter 7 bankruptcy is also known as straight or liquidation bankruptcy and it is the most commonly used especially by individuals.

3 0
3 years ago
Other questions:
  • The standards for direct labor for a product are 2.5 hours at $8 per hour. Last month, 9,000 units of the product were made and
    5·1 answer
  • What is the fourth part to property rights?
    10·1 answer
  • If the NCUA charges 6.3 cents per 100 dollars insured and Credit Union L pays $8,445 in NCUA insurance premiums, approximately h
    8·2 answers
  • An increase in investment
    10·1 answer
  • A security has an expected rate of return of 0.10 and a beta of 1.1. The market expected rate of return is 0.08 and the risk-fre
    11·1 answer
  • The idea of efficiency often arises when measuring a society's well-being. There are two kinds of efficiency: productive efficie
    13·1 answer
  • You just purchased a share of SPCC for $100. You expect to receive a dividend of $5 in one year. If you expect the price after t
    10·1 answer
  • List five organizations where you could volunteer your services. Describe the type of work you might perform for each organizati
    5·2 answers
  • Identify each CSTO from its description
    13·1 answer
  • Planning, implementing, and controlling the physical flow of a product from its point of origin to its point of consumption is c
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!