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Coronado Company uses a job order cost system. On May 1, the company has balances in Raw Materials Inventory of $15,900 and Work in Process

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Coronado Company uses a job order cost system. On May 1, the company has balances in Raw Materials Inventory of $15,900 and Work in Process Inventory of $4,080 and two jobs in process: Job No. 429 $2,590, and Job No. 430 $1,490. During May, the company incurred factory labor of $15,080. A summary of source documents reveals the following. Coronado Company applies manutacturing overhead to jobs at an overhead rate of 70W of direct labor cost Job No. 429 is completed during the month. (a) Record the May 1 inventory balances and the factory labor incurred. (b) Record (1) material usage from requisition slips, (2) factory labor usage from time tickets, (3) the assignment of mamufacturing overhead to jobs, and (4) the completion of Job No.429. (Enter negotlve amounts using elther a negative sign preceding the number e. -45 or parentheses eg. (45)) Manufacturing Costs Raw Materials Inventory Factory Labor Manufacturing Over (a) Balances 5 5 5 (b) Incurred factory labor (b) Direct materials (b) Indirect materials (b) Direct labor (b) Indirect labor (b) Assign Manufacturing overtiead (b) Completion of job No. 429 Balance Manufacturing Costs Factory Labor Manufacturing Overhead Work in Process Inventory Finished Goods Inventory 5 $ $ $

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