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 $3,900 and two jobs in process: Job No. 429 $2,450, and Job No. 430 $1,450. During May, a summary of source documents reveals the following Materials Requisition Slips Labor Time Tickets $3,000 Job Number 429 430 431 3,730 4.710 $2,200 3,400 8,200 General use $11,440 930 $12,420 $13,000 1,330 $15,130 Waterway Company applies manufacturing overhead to jobs at an overhead rate of 70% 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 Debit Credit (1) May 31 Work in Process Inventory Manufacturing Overhead Raw Materials Inventory (2) 31 Work in Process Inventory Manufacturing Overhead Wiley & Sons CALCULATOR FULL SCREEN PRUNTER VERSION CRACK NEXE 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 Debit Credit (1) May 31 Work in Process Inventory Manufacturing Overhead Raw Materials Inventory (2) 31 Work in Process Inventory . Manufacturing Overhead Raw Materials Inventory (3) 31 Work in Process Inventory Manufacturing Overhead 31 Finished Goods Inventory Work in Process Inventory LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEO SIIAR EXERCISE Det the street wel een with mental the with the Version 4.220 > 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 sudy Job Beginning Work No. in Process Job Cost Sheets Direct Direct Material Labor Manufacturing Overhead Total 430 $ 431 $ $ VIDEO SIAR BERCISE LINK TO TEXT LINK TO TEXE LIID TEXT