Exercise 2-2 (Video) Stine Company uses a job order cost system. On May 1, the company has a balance in 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, a summary of source documents reveals the following. Job Number Labor Time Tickets 429 430 Materials Requisition Slips $3,040 3,680 4,710 $11,430 940 $12.370 $2,100 3,300 8,100 431 General use $13,500 1,360 $14,860 Stine Company applies manufacturing overhead to jobs at an overhead rate of 61% of direct labor cost. Job No. 429 is completed during the month. Your answer is partially correct. Try again. 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 Work in Process Inventory Manufacturing Overhead Raw Materials Inventory (2) 31 Work in Process Inventory Manufacturing Overhead CocidTTOTI: Factory Labor (3) 31 Work in Process Inventory Manufacturing Overhead (4) 31 Finished Goods Inventory Work in Process Inventory Your answer is partially correct. Try again. 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 May 31 Balance ay 1 Balance May 31 May 31 May 31 Balance 7 Job Cost Sheets Direct Direct Job Beginning Work No. in Process Manufacturing Overhead 431