Exercise 20A-02 a-c (Part Level Submission) Vaughn Company uses a job order cost system. On May 1, the company has balances in Raw Materials Inventory of $15,300 and Work in Process Inventory of $4,240 and two jobs in process: Job No. 429 $2,580, and Job No. 430 $1,660. During May, the company incurred factory labor of $14,860. A summary of source documents reveals the following. Materials Requisition Slips Labor Time Tickets Job Number 429 430 $3,040 3,680 4,710 $2,060 3,310 8,130 431 General use $11,430 940 $12,370 $13,500 1,360 $14,860 Vaughn Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month. (a & b) Your answer is correct. (a) (b) Record the May 1 inventory balances and the factory labor incurred. Record (1) material usage from requisition slips, (2) factory labor usage from time tickets, (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Job No. 429. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Manufacturing Costs Raw Materials Inventory Manufacturing Overhead Factory Labor Work in Process Inventory Finished Goods Inventory completion of Job No. 429. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Manufacturing Costs Raw Materials Inventory Manufacturing Overhead Work in Process Inventory Finished Goods Inventory Factory Labor AK 15300 4240 (a) Balances (b) Incurred factory labor 14860 -11430 11430 (b) Direct materials -940 940 (b) Indirect materials T 0 13500 (b) Direct labor -13500 -1360 (b) Indirect labor T 1360 (b) Assign Manufacturing overhead -8100 8100 -8916 0 8916 (b) Completion of job No. 429 2930 -5800 28354 8916 Balance Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor. Attempts: 1 of 5 used Prove the agreement of the Work in Process Inventory control account with the job cost sheets. Job Cost Sheets Job Beginning Work No. in Process Direct Material Direct Labor Manufacturing Overhead Total 430 $ 431 $ Click if you would like to Show Work for this question: Open Show Work By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor. Attempts: 0 of 5 used