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Current Attempt in Progress Oriole Company uses a jol order cost system. On May 1, the company has a balance in Work in Process Inventory
Current Attempt in Progress Oriole Company uses a jol order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,850 and two jobs in process: Job No. 429 $2,200, and Job No. 430 $1,650. During May, a summary of source documents reveals the following. Job Number 429 430 431 General use Materials Requisition Slips $2,750 3,850 4,870 $11,470 940 $12,410 Labor Time Tickets $2,120 3,300 8,350 $13,770 1,260 $15,030 Oriole 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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