E2-2: Stine Company uses a job order cost system. On May 1, the company has a balance in Work In Process Inventory of $3,500 and two jobs in process: Job No. 429 $2,000, and Job No. 430 $1,500. During May, a summary of source documents reveals the following.

Job Number---------- Materials Requisitions Slips------------------------------- Labor Time Tickets

429 --------------------------$2,500 --------------------------------------------------------$1,900

430 --------------------------$3,500 --------------------------------------------------------$3,000

431------------------------ +$4,400------------------------------------------------------- + $7,500

-------------------------------$10,400 -------------------------------------------------------$12,500

Genral Use........................+ $800 ........................................................................+ $1,200

.....................................$11,200 .......................................................................$13,700

Stine Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during this month.

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