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3. Milner Manufacturing uses a job-order costing system. On May 1 , the company has a balance in Work in Process Inventory of $3,500 and
3. Milner Manufacturing uses a job-order costing system. On May 1 , the company has a balance in Work in Process Inventory of \$3,500 and two jobs in process: Job No. 429 $2,000, and Job No. 430$1,500. During May, a summary of source documents reveals the following: Milner Manufacturing applies manufacturing overhead to jobs at an overhead rate of 60% of direct labour cost. Job No. 429 is completed during the month. Instructions a) Prepare May 31 summary journal entries to record the: - requisition slips - time tickets - assignment of manufacturing overhead to jobs - completion of Job No. 429
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