Exercise 20-02 a-b (Part Level Submission) Sandhill 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 $1,430. During May, a summary of source documents reveals the following. Materials Requisition Slips Labor Time Tickets Job Number 429 $2,710 430 4,040 4,730 $2,200 3,500 7,900 431 $11,480 $13,600 1,300 General use 970 $12,450 $14,900 Sandhill Company applies manufacturing overhead to jobs at an overhead rate of 63% of direct labor cost. Job No. 429 is completed during the month. 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.) No. Date Account Titles and Explanation Debit Credit (1) May 31 Work in Process Inventory 11,480 Manufacturing Overhead 970 Raw Materials Inventory 12,450 (2) 31 Work in Process Inventory 13,600 Manufacturing Overhead 1,300 ~ Factory Labor 14,900 (3) 31 Work in Process Inventory 8,568 Manufacturing Overhead 8,568 (4) 31 Finished Goods Inventory 8,786 Work in Process Inventory 8,786 (b) 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.) Work in Process Inventory Job Cost Sheets Job Beginning Work No. in Process Direct Material Direct Labor Manufacturing Overhead Total 430 $ $ $ $ $ 431 $ $ $ $ $