Exercise 15-02 a-b (Video) Waterway Company uses a job order cost system. On May 1, the company has a balance In Work In Process Inventory of $4,140 and two jobs in process: Job No. 429 $2,450, and Job No. 430 $1,500. During May, a summary of source documents reveals the following, Materials Labor Time Job Number Requisition Slips Tickets 229 $2,921 430 3.610 3,400 431 4,870 $11,400 9.000 $13,600 General use 960 1,600 $12,360 $15,200 $2,700 Waterway Company applies manufacturing overtiead to jobs et en overtread rete or 65% of direct labor cost. Job No. 429 is completed during the month. Prepare surnirrary journal entries to record (1) the requisition slips, (2) the time tickets, (3) the essignment of manufacturing overheed to jobs, and (4) the completion of Job No. 129. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (1) May 31 31 (3) 31 (4) 31 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 V Job Cost Sheets Job Beginning Work No. in Process Direct Material Direct Labor Manufacturing Overhead Total 430 $ $ $ $ $ 431 $ $ $