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11. Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $4,500 and

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11. Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $4,500 and two jobs in process: Job No. 429 $2,000, and Job No. 430 $2,500. During May, a summary of source documents reveals the following. Job Number Materials Requisition Slips Labor Time Tickets 429 430 431 General use $2,100 3,500 4,400 $1,900 3,000 $10,000 7,600 $12,500 1,200 $13,700 800 $10,800 St tine Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month. Instructions 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

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