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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 $4,320
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 $4,320 and two jobs in process: Job No. 429 $2,580, and Job No. 430 $1,740. 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 3,240 7,840 $3,090 3,990 4,770 $11,850 910 $12,760 $13,280 1,800 $15,080 Stine Company applies manufacturing overhead to jobs at an overhead rate of 62% of direct labor cost. Job No. 429 is completed during the month
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