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8 Ivanhoe Company uses a job order cost system. On May 1, the company has a balance in Work in Process Imventory of $3,780 and

8

image text in transcribed Ivanhoe Company uses a job order cost system. On May 1, the company has a balance in Work in Process Imventory of $3,780 and two jobs in process: Job No. 429$2,160, and Job No. 430$1,620. During May, a summary of source documents reveals the following. Ivanhoe Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month

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