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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 $3,920 and two
Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,920 and two jobs in process: Job No. 429 $2,600, and Job No. 430 $1,320. During May, a summary of source documents reveals the following. Materials Requisition Slips Labor Time Tickets Job Number 429 430 431 General use $3,040 4,020 4,740 $2,300 3,430 7,870 $11,800 900 $12,700 $13,600 1,310 $14,910 Stine Company applies manufacturing overhead to jobs at an overhead rate of 62% of direct labor cost. Job No. 429 is completed during the month
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