Exercise 20-02 a-b Sheridan Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $4,170 and two jobs in process: Job No. 429 $2,490, and Job No. 430 $1,680. During May, a summary of source documents reveals the following. Materials Labor Time Job Number Requisition Slips Tickets 429 52,870 $2,100 430 3,910 3,300 4,970 $11.750 8,200 $13,600 General use 960 1,550 $12,710 $15,150 431 Sheridan Company applies manufacturing overhead to jobs at an overhead rate of 62% 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.) No. Date Account Titles and Explanation (1) May 31 Debit Credit (2) 2 31 (3) 31 31 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 V V Job Beginning Work No. in Process Job Cost Sheets Direct Direct Material Labor Manufacturing Overhead Total 430 $ $ $ $ 431 Click if you would like to Show Work for this question: Open Show Work