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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 $3,510 and two
Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,510 and two jobs in process: Job No. 429 $2,150, and Job No. 430 $1,360. During May, a summary of source documents reveals the following. Labor Time Tickets Job Number 429 Materials Requisition Slips $2,970 4,100 4,540 $11,610 430 $2,100 3,200 8,100 431 General use 900 $13,400 1,590 $14,990 $12,510 Stine Company applies manufacturing overhead to jobs at an overhead rate of 68% of direct labor cost. Job No. 429 is completed during the month. Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,510 and two jobs in process: Job No. 429 $2,150, and Job No. 430 $1,360. During May, a summary of source documents reveals the following. Labor Time Tickets Job Number 429 Materials Requisition Slips $2,970 4,100 4,540 $11,610 430 $2,100 3,200 8,100 431 General use 900 $13,400 1,590 $14,990 $12,510 Stine Company applies manufacturing overhead to jobs at an overhead rate of 68% of direct labor cost. Job No. 429 is completed during the month
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