CALCULATOR PRINTER VERSION 4 BACK CES Exercise 20-02 a-b Ivanhoe Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,940 and two jobs in proces Job No. 429 $2,160, and Job No. 430 $1,780. During May, a summary of source documents reveals the following. Materials Requisition Slips Labor Time Tickets Job Number 429 $2,770 $2,100 430 3,910 3,300 431 4,920 $11,600 8,200 $13,600 General use 940 1,460 $12,540 $15,060 Ivanhoe Company applies manufacturing overhead to jobs at an overhead rate of 69% of direct labor cost. Job No. 429 is completed during the mon Prepare summary journal entries to record (1) the requisition slips, (2) the time tickets, (3) the ass the completion of Job No. 429. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) of manufacturing overhead to jobs, and No. Date Account Titles and Explanation Debit Credit (1) May 31 Work in Process Inventory 11600 Manufacturing Overhead 940 Raw Materials Inventory 12540 (2) 31 Work in Process Inventory 13600 Manufacturing Overhead 1460 Factory Labor 15060 (3) 31 Work in Process Inventory 10391.40 Manufacturing Overhead 10391.40 (4) 31 Finished Goods Inventory Work in Process Inventory Post the entries to Work in Process Inventory, and prove the agreement of the control account with the ijob cost sheets. (Post entries in the ord journal entries presented in the previous part.) Post the entries to Work in Process Inventory, and prove the agreement of the control accou journal entries presented in the previous part.) nt with the job cost sheets. (Post e Work in Process Inventory May 1 Balance May 31 May 31 May 31 Job Cost Sheets Manufacturing Overhead Job Beginning Work Direct Direct Material Labor Total No. in Process 430 431 $ Click if you would like to Show Work for this question: Open Show Work