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New help filling this out Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process
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Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $4,210 and two jobs in process: Job No. 429 $2,550, and Job No. 430 $1,660. During May, a summary of source documents reveals the following.
Stine Company applies manufacturing overhead to jobs at an overhead rate of 66% of direct labor cost. Job No. 429 is completed during the month.
Materials Labor Time Tickets Job Number 429 430 Requisition Slips $2,150 3,560 8,150 $2,670 3,830 4,720$11,220 $13,860 1,610 $15,470 General use 920 $12,140 Work in Process Inventory Job Cost Sheets Job Beginning Work Direct Material Direct Labor Manufacturing Overhead in Process Total 430 431
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