*Exercise 20A-02 a-c (Part Level Submission) Waterway Company uses a job order cost system. On May 1, the company has balances in Raw Materials Inventory of $15,900 and Work in Process Inventory of $3,900 and two jobs in process: Job No. 429 $2,450, and Job No. 430 $1,450. During May, the company incurred factory labor of $15,080. A summary of source documents reveals the following. Labor Time Tickets Job Number 429 430 431 General use Materials Requisition Slips $3,000 3,730 4,710 $11,440 980 $12,420 $2,200 3,400 8,150 $13,750 1,330 $15,080 y 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) (a) Record the May 1 Inventory balances and the factory labor incurred. (b) 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 Factory Labor Manufacturing Overhead Work in Process Inventory Finished Goods Inventory (a) Balances $ 15900 $ 3900 (b) Incurred factory labor (b) Direct materials (b) Indirect materials (b) Direct labor (b) Indirect labor (b) Assign Manufacturing overhead (b) Completion of job No. 429 Balance