Exercise 16-2 (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 $3,810 and two jobs in process: Job No 429 $2,330, and Job No. 430 $1,480. During May, a summary of source documents reveals the following Materials Requisition Slips Labor Time Tickets Job Number 429 430 431 General use $2,200 3,350 8,120 $2,870 3,930 4,930 $11,730 980 $12,710 $13,670 1,700 $15,370 Stine Company applies manufacturing overhead to jobs at an overhead rate of 61% of direct labor cost. Job No. 429 is completed during the month (a) Your answer is correct. 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. Round answers to 0 decimal places, e.g. 5,275.) No. Date Account Titles and Explanation Debit Credit (1) May 31 TWork in Process Inventory 11,730 Manufacturing Overhead 980 Raw Materials Inventor 12,710 (2) 31TWork in Process Inventory 13,670 Manufacturing Overhead 1,700 Factory Labor 15,370 (3)31TWork in Process Inventory 8,339 Manufacturing Overhea 8,339