Exercise 20-2 Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,650 and two jobs in process: Job No. 429 $2,290, and Job No. 430 $1,360. During May, a summary of source documents reveals the following. Materials Labor Time Tickets Job Number Requisition Slips 429 $2,950 $2,410 3,440 430 4,000 431 4,740 $11,690 8,080 $13,930 General use 900 1,750 $12,590 $15,680 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 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.) Account Titles and Explanation No. Date Debit Credit (1) May 31 TWork in Process Inventory 11,690 Manufacturing Overhead 900 Raw Materials Inventory 12590 31 Work in Process Inventory 13,930 (2) 1,750 Manufacturing Overhead Factory Labor 15680 31 Work in Process Inventory (3) Manufacturing Overhead 31 Finished Goods Inventory (4) Work in Process Inventory Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job co part. Round answers to 0 decimal places, e.g. 5,275.) Work in Process Inventory 4,000 May 31 Balance May 31 11,690 13,930 May 31 May 31 May 31 Balance Job Cost Sheets Direct Job Beginning Work in Process Direct Manufacturing Material No. Labor Total Overhead 430 431 00