Question: the red is incorrectplease give me the right answer Exercise 15-2 5tine Company uses a ob order cost system on May 1 the company has

 the red is incorrectplease give me the right answer Exercise 15-25tine Company uses a ob order cost system on May 1 thecompany has a balance in work in Process Inventory of 3,920 and

the red is incorrectplease give me the right answer

Exercise 15-2 5tine Company uses a ob order cost system on May 1 the company has a balance in work in Process Inventory of 3,920 and two obs in process: Job No. 429 $2,490, and Job No 430-$1,430. During May, a summary of source documents reveals the following Materials Labor Time Tickets Job Number Requisition slips 2,710 4,040 4.730 2,230 3,500 7,950 431 General use $11,480 970 $12,450 $13,590 1,300 $14,890 Stine CornpariY applies manufacturino overhead tu lobs at an overhead rate of 63% uf direct labor cost. Job No. 429 1s umpleted during the morth. Your answer is partially correct. Try again. 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. (Credit account titles are automatically indented when amount is entered. Do not Indent manually, Round answwers to 0 declaal places, e.g. 5,275) No. Date Account Titles and Explanation (1] May 31 Work in Process Inventory Debit Credit 11180 970 Raw Materials Inventory 12450

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!