Question

Ivanhoe Company uses a job order cost system. On May 1, the company has a balance...

Ivanhoe Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,940 and two jobs in process: Job No. 429 $2,160, and Job No. 430 $1,780. During May, a summary of source documents reveals the following.

Job Number

Materials
Requisition Slips

Labor Time
Tickets
429 $2,770 $2,100
430 3,910 3,300
431 4,920 $11,600 8,200 $13,600
General use 940 1,460
$12,540 $15,060


Ivanhoe Company applies manufacturing overhead to jobs at an overhead rate of 69% of direct labor cost. Job No. 429 is completed during the month.

(a)

Partially correct answer iconYour answer is partially correct.

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.)

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Answer #1
No. Date Account Titles and Explanation Debit Credit
1 May 31 Work in Process inventory 11600
Manufacturing overhead 940
      Raw materials inventory 12540
2 31 Work in Process inventory 13600
Manufacturing overhead 1460
      Factory labor 15060
3 31 Work in Process inventory 9384 =13600*69%
     Manufacturing overhead 9384
4 31 Finished goods inventory 8479 =2160+2770+2100+(2100*69%)
     Work in Process inventory 8479
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