Blossom Company uses a job order cost system. On May 1, the company has a...
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Blossom Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $ 3,570 and two jobs in process: Job No. 429 $ 2,040, and Job No.430 $ 1,530. During May, a summary of source documents reveals the following. Job Number Materials Requisition Slips Labor Time Tickets 429 $ 2,550 $ 1,960 430 3,570 3,060 431 4,510 $ 10,630 7,750 $ 12,770 General use 860 1,180 $ 11,490 $ 13,950 Blossom Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month. Prepare May 31 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. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation May 31 Work in Process Inventory 10630 Manufacturing Overhead 860 Raw Materials Inventory 11490 31 Work in Process Inventory 12770 Manufacturing Overhead 1180 Factory Labor 13950 31 Work in Process Inventory Manufacturing Overhead 31 Finished Goods Inventory Work in Process Inventory che agree with the Jo0 COSL Sheets. Round answers to o decimal places, e.g. 5,275.) Work in Process Inventory May 1 Balance 3,810 May 31 May 31 11730 May 31 $13,670 SEX 3 8339 May 31 Balance Job Beginning Work No. in Process Direct Material Job Cost Sheets Direct Labor Manufacturing Overhead Total 430 1480 3810 3350 431 0 4930 8120 1480 8740 11470
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