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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 $3,650 and two

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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 $3,650 and two jobs in process: Job No. 429 $2,290, and Job No. 430 $1,360. During May, a summary of source documents reveals the following Job Number Materials Requisition Slips Labor Time Tickets 429 $2,950 $2,410 430 4,000 3,440 431 4,740 $11,690 8,080 $13.930 General use 900 1.750 $12.590 $15,680 Stine Company applies manufacturing overhead to jobs at an overhead rate of 63% of direct labor cost. Job No 429 is completed during the month 0. Date Account Titles and Explanation Debit Credit May Work in Process laventory 11690 31 III Manufacturing Overhead 900 Raw Materials inventory 125900 31 Work in Process Inventory 13930 Manufacturing Overhead 1750 15680 Factory Labor 1) 31 Work in Process inventory Manufacturing Overhead 31 Work in Process Inventory Manufacturing Overhead 9 31 Finished Goods Inventory Work in Process Triventory e Textbook and Media List of Accounts Job Cost Sheets Direct Material Direct Labor Manufacturing Overhead Total 3440 $ 4000 4740 8080 S 8740 11520 $

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