Sheridan Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $ 3,990 and two jobs in process: Job No. 429 $ 2,280, and Job No. 430 $ 1.710. During May, a summary of source documents reveals the following Materials Requisition Slips Labor Time Tickets Job Number 429 $ 2,850 $ 2,200 430 3,990 3.420 431 5,050 $ 11,890 8,650 $14,270 General use 980 1,300 $ 12,870 $ 15,570 Sheridan Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month Your Answer Correct Answer (Used) Prepare May 31 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. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (1) May 31 Work in Process Inventory 11.890 980 Manufacturing Overhead 12870 Raw Materials inventory (2) 31 Work in Process Inventory 14.270 1300 Manufacturing Overhead 15,570 Factory Labor (3) 31 Work in Process inventory 8,562 3562 Manufacturing Overhead 8,650 4) 31 Finished Goods Inventory Work in Process inventory 8650 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 1 Balance May 31 May 31 May 31 May 31 May 31 Balance Job No. Beginning Work in Process Job Cost Sheets Direct Labor Direct Material Manufacturing Overhead 430 $ 431 $ $