Exercise 15-2

Exercise 15-2 Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $4,080 and two jobs in process: Job No. 429 $2,330, and Job No. 430 $1,750. During May, a summary of source documents reveals the following Materials Requisition Slip:s Labor Time Tickets Job Number 429 430 431 General use $2,790 4,080 4,830 $2,130 3,460 8,160 $11,700 960 $12,660 $13,750 1,680 $15,430 Stine Company applies manufacturing overhead to jobs at an overhead rate of 64% of direct labor cost. Job No. 429 is completed during the month. 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. Round answers to 0 decimal places, e.g. 5,275.) Work in Process Inventory May 1 Balance+ May 31 May 31 May 31 May 31 Balance Job Cost Sheets Direct Material Direct Labor Manufacturing Overhead Job Beginning Work Total in Process No. 430 $ 431