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Problem 3 J.A.N., Inc. uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of P 3,500 and two jobs in process, Job No. 101 P2,000 and Job 102 P1,500. During May, a summary of source documents reveals the following. Materials Labor Job Number 101 Requisition Slips P 2,500 3,500 4,600 Time Tickets P 2,900 102 h3,000 103 5.800 P 11,700 1,200 P 12,900 J.A.N Company applies manufacturing overhead to jobs at an overhead rate of 80% of direct labor cost. Job No. 101 is completed during the month. 10,600 800 P 11.400 Generah use Total Instructions: 1. Prepare summary journal entries to record a) The requisition slips b) The time tickets c) The completion of Job No 101

Problem 3 J.A.N., Inc. uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of P 3,500 and two jobs in process, Job No. 101 P2,000 and Job 102 P1,500. During May, a summary of source documents reveals the following. Materials Labor Job Number 101 Requisition Slips P 2,500 3,500 4,600 Time Tickets P 2,900 102 h3,000 103 5.800 P 11,700 1,200 P 12,900 J.A.N Company applies manufacturing overhead to jobs at an overhead rate of 80% of direct labor cost. Job No. 101 is completed during the month. 10,600 800 P 11.400 Generah use Total Instructions: 1. Prepare summary journal entries to record a) The requisition slips b) The time tickets c) The completion of Job No 101

Principles of Cost Accounting
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter2: Accounting For Materials
Section: Chapter Questions
Problem 7P: Terrills Transmissions uses a job order cost system. A partial list of the accounts being maintained...
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Problem 3 J.A.N., Inc. uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of P 3,500 and two jobs in process, Job No. 101 P2,000 and Job 102 P1,500. During May, a summary of source documents reveals the following. Materials Labor Job Number 101 Requisition Slips P 2,500 3,500 4,600 Time Tickets P 2,900 102 h3,000 103 5.800 P 11,700 1,200 P 12,900 J.A.N Company applies manufacturing overhead to jobs at an overhead rate of 80% of direct labor cost. Job No. 101 is completed during the month. 10,600 800 P 11.400 Generah use Total Instructions: 1. Prepare summary journal entries to record a) The requisition slips b) The time tickets c) The completion of Job No 101
Transcribed Image Text:Problem 3 J.A.N., Inc. uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of P 3,500 and two jobs in process, Job No. 101 P2,000 and Job 102 P1,500. During May, a summary of source documents reveals the following. Materials Labor Job Number 101 Requisition Slips P 2,500 3,500 4,600 Time Tickets P 2,900 102 h3,000 103 5.800 P 11,700 1,200 P 12,900 J.A.N Company applies manufacturing overhead to jobs at an overhead rate of 80% of direct labor cost. Job No. 101 is completed during the month. 10,600 800 P 11.400 Generah use Total Instructions: 1. Prepare summary journal entries to record a) The requisition slips b) The time tickets c) The completion of Job No 101
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