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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 $4,320 and two
Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $4,320 and two jobs in process: Job No.429 $2,580, and Job No. 430$1,740. During May, a summary of source documents reveals the following. Job Number Materials Labor Time Tickets Requisition Slips $2,200 3,240 7,840 $3,090 429 430 431 General use 3,990 $11,850 910 $12,760 $13,280 1,800 $15,080 4,770 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. Prepare 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) No Date Account Titles and Explanation Debit Credit May 31 woek 31 31 31 eTextbook and Media List of Accounts
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