Sunland Company uses a job order cost system. On May 1, the company has balances in Raw Materials Inventory of $15,700 and Work in Process Inventory of $4,210 and two jobs in process: Job No. 429 $2,420, and Job No. 430 $1,790. During May, the company incurred factory labor of $14,710. During May, a summary of source documents reveals the following. Job Number Materials Labor Time
Requisition Slips Tickets
429 $3,040 $2,300
430 4,020 3,430
431 4,740 $11,800 7,870 $13,600
General use 900 1,310
$12,700 $14,910
Stine Company applies manufacturing overhead to jobs at an overhead rate of 62% of direct labor cost. Job No. 429 is completed during the month
1. 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.
2. Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets.

Sunland Company

1. Journal Entries:

1) Requisition slips:

Debit Work in Process:

Job 429 $3,040

Job 430 $4,020

Job 431 $4,740

Credit Raw materials $11,800

To record direct materials slips to work in process.

Debit Manufacturing Overhead $900

Credit Raw materials $900

To record indirect materials slip to overhead.

Debit Work in Process:

Job 429 $2,300

Job 430 $3,430

Job 431 $7,870

Credit Direct labor $13,600

To record direct labor tickets to work in process.

Debit Manufacturing Overhead $1,310

Credit Indirect labor $1,310

To record indirect labor tickets to overhead.

Debit Work in Process:

Job 429 $1,426

Job 430 $2,127

Job 431 $4,879

Credit Manufacturing overhead $8,432

To apply 62% of direct labor as overhead to work in process.

Debit Finished Goods $9,186

Credit Work in Process: Job 429 $9,186

To record the completion of Job 429

2. T-accounts:

Work in Process Inventory

Account Titles               Debit  Credit

Beginning balance    $4,210

Raw materials            11,800

Direct labor              13,600

Mfg overhead           8,432

Finished goods                        $9,186

Ending balance                       28,856

Total                     $38,042   $38,042

Explanation:

a) Data and Calculations:

May 1 Inventory Balances:

Raw materials = $15,700

Work in Process = $4,210

Job No. 429 = $2,420

Job No. 430 = $1,790

During May:

Factory labor cost = $14,710

Job Number    Materials        Labor Time

                   Requisition Slips    Tickets

429                   $3,040            $2,300

430                     4,020               3,430

431                      4,740               7,870

Sub-total         $11,800           $13,600

General use         900                1,310

Total              $12,700            $14,910

Job Sheets:               Job 429    Job 430    Job 431         Total

Beginning balance     $2,420      $1,790                         $4,210

Direct materials            3,040       4,020     $4,740         11,800

Labor                            2,300       3,430        7,870        13,600

Overhead (62% DL)     1,426        2,127        4,879          8,432

Total costs                 $9,186    $11,367     $17,489     $38,042

Finished goods        ($9,186)   $11,367     $17,489     $28,856

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