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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 $3,920
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 $3,920 and two jobs in process: Job No, 429 $2,490, and Job No. 430 S1,430. During May, a summary of source documents reveals the following Materials Requisition Slips Labor Time Tickets Job Number 429 430 431 General use 52,710 1,040 4,730 $2,230 3,500 7,950 11,180 970 512,450 $13,590 1,200 $14,890 Stine Company applies manufacturing overhead to jobs at an overhead rate of 63% 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 assiqnment of manufacturing overhead to fobs, and (4) the completion of Job No. 429. (Credit account titles are automatically indented when amount is entered indent manually. Roud answers to 0 decimal places, e.g. 5,275.) No. Date Acrount Titles and Explanation (1) May 31 Debit Credit (2) 31
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