Chloe Company uses a job order cost system. On May 1, the company has balances in...

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Chloe Company uses a job order cost system. On May 1, the company has balances in Raw Materials Inventory of $15,000 and 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, the company incurred factory labor of $13,700. A summary of source documents reveals the following. Materials Requisition Job Number 429 430 431 General Use Total $ $ $ $ 10,400 Slips 2,500 3,500 4,400 $ $ 800 800 Labor TimeTickets $ 1,900 $ 3,000 $ 7,600 $ 12,500 $ $ 1,200 1,200 Chloe Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month. compute: a) raw materials inventory balance, may 1 b) raw materials inventory balance, may 31 c) factory labor incurred for may d) manufacturing overhead applied for may e) work in process inventory, may 1 f) work in process inventory, may 31 Chloe Company uses a job order cost system. On May 1, the company has balances in Raw Materials Inventory of $15,000 and 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, the company incurred factory labor of $13,700. A summary of source documents reveals the following. Materials Requisition Job Number 429 430 431 General Use Total $ $ $ $ 10,400 Slips 2,500 3,500 4,400 $ $ 800 800 Labor TimeTickets $ 1,900 $ 3,000 $ 7,600 $ 12,500 $ $ 1,200 1,200 Chloe Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month. compute: a) raw materials inventory balance, may 1 b) raw materials inventory balance, may 31 c) factory labor incurred for may d) manufacturing overhead applied for may e) work in process inventory, may 1 f) work in process inventory, may 31

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a Raw Materials Inventory Balance May 1 15000 b Raw Materials Inventory Balance M... View the full answer