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Ivanhoe Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,780 and
Ivanhoe Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,780 and two jobs in process: Job No. 429 $2,160, and Job No. 430 $1,620. During May, a summary of source documents reveals the following. Job Number Materials Requisition Slips Labor Time Tickets 429 $2,700 $2,080 430 3,780 3,240 431 4,780 $11,260 8,200 $13,520 General use 920 1,240 $12,180 $14,760 Ivanhoe Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month.
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