Problem 3 J AN. Inc. uses a job order cost system. On May 1, the company has a balance in Work in process inventor}.r of P3,500 in two jobs in process, Job 101 P2,000; and Job 102 P1,500. For May, a summary of source documents reveals the following: @ Materials Requisitions Slips Labor Time Tickets 101 P2,500 P2,900 102 3,500 3,000 103 4 600 P10,500 5 800 P11,?00 General use 800 1,200 Total P11,400 P12,900 The company applies manufacturing overhead to jobs at an overhead rate of 80% of direct labor cost. Job 101 is completed during the month. Required: Prepare a summary of journal entries to record a. The requisition slips b. The time tickets c. The completion of Job 101