Exercise 15-02 a-b (Video) Crane Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,770 and two jobs in process: Job No. 429 $2,430, and Job No. 430 $1,340. During May, a summary of source documents reveals the following. Materials Labor Time Job Number Requisition Slips Tickets 429 $2,940 $2,300 3,850 3,400 431 4,680 $11,470 8,200 $13,900 General use 940 1,570 $12,410 $15,470 430 Crane Company applies manufacturing overhead to jobs at an overhead rate of 68% of direct labor cost. Job No. 429 is completed during the month. Prepare summary journal entries to record (1) the requisition slips, (2) the time tickets, (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Job No. 429. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Credit (1) May 31 Debit (2) 31 (3) 31 (4) 31 LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEO SIMILAR EXERCISE Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets. (Post entries in the order of journal entries presented in the previous part.) Work in Process Inventory Job Beginning Work No. in Process Job Cost Sheets Direct Direct Material Labor Manufacturing Overhead Total 430 $ 431 Prepare summary journal entries to record (3) the requisition slips, (2) the time tickets, (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Job No. 429. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Tiles and Explanation Credit (1) May 31 (2) 31 (3) 31 (4) 31 LINK TO TEXT May 31 VIDEO SIMILAR EXERCISE Post the entries to entries in the are May 31 Balance May 1 Balance of the control account with the job cost sheets. (Post part.) Job Beginning Work No. In Process 430 Job Cost Sheets Direct Direct Material Labor Manufacturing Overhead Total 431 LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEOSEMILAR EXERCISE By accessing this question Assistance, you will learn while you can points based on the Point Potential Policy set by your instructor Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER Earn Maximum Points available only if you answer this question correctly in two attempts