*Exercise 16-2 Stine 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. Labor Time Tickets $2,200 Job Number 429 430 431 General use Materials Requisition Slips $3,000 3,730 4,710 $11,440 980 $12,420 3,400 8,150 $13,750 1,330 $15,080 Stine 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. Round answers to o decimal places, e.g. 5,275.) Debit Credit No. Date Account Titles and Explanation (1) May 31 Work in Process Invent Manufacturing Overhet Raw Materials Inventor (2) 31 Work in Process Invent Manufacturing Overhea Factory Labor (3) 31 Work in Process Invent Manufacturing Overhea (4) 31 Finished Goods Inventi Work in Process Invent 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 O decimal places, e.g. 5,275.) Work In Process Invent 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 31 Balance May 31 May 31 L May 31 May 31 May 31 Balance Job No. Beginning Work in Process Direct Material Job Cost Sheets Direct Labor Manufacturing Overhead Total TH Question Attempts: 0 of 3 used