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Exercise 15-2 (Part Level Submission) Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process
Exercise 15-2 (Part Level Submission) Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,400 and two jobs in process: Job No. 429 $2,100, and Job No. 430 $1,300. During May, a summary of source documents reveals the following Materials Requisition Slips Labor Time Tickets Job Number 429 430 431 General use $2,600 3,600 4,500 $2,000 3,100 7,700 $10,700 900 $11,600 $12,800 1,300 $14,100 Stine Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month
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