Concord Company uses a job order cost system. On May 1, the company has balances in Raw Materials Inventory of $15,300 and Work in Process Inventory of $3,940 and two jobs in process: 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 $2,070 3,290 430 3,910 431 4,920 $11,600 8,150 $13,510 General use 940 1,460 $12,540 $14,970 Concord Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month. (a) Record the May 1 inventory balances and the factory labor incurred. Record (1) material usage from requisition slips, (2) factory labor usage from time tickets, (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Job No. 429. (b) (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Raw Materials Inventory Manufacturing Costs Factory Labor Manufacturing Overhead Work in Process Inventory Finished Goods Inventory $ (a) Balances $ $ $ $ (b) Incurred factory labor Raw Materials Inventory Manufacturing Costs Factory Labor Manufacturing Overhead Work in Process Inventory Finished Goods Inventory $ (a) Balances $ $ $ $ (b) Incurred factory labor (b) Direct materials (b) Indirect materials (b) Direct labor (b) Indirect labor Assign Manufacturing (b) overhead (b) Completion of job No. 429 $ Balance $ $ $ $