Stine Company uses a job order cost system. On May 1, the company has balances in Raw Materials Inventory of $15,000 and Work in Process Inventory of $3,500 and two jobs in process: Job No. 429 $2,000, and Job No. 430 $1,500. During May, the company incurred factory labor of $13,700. A summary of source documents reveals the following. Stine Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost Job No. 429 is completed during the month. Instructions Using the format shown in Illustration 12.24: a. Record the May 1 inventory balances and the factory labor incurred. b. Record (1) material usage from requisition slips, (2) factory labor usage from time tickets, (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Job No. 429. c. Prove the agreement of the Work in Process Inventory control account with the job cost sheets. Materials Requisition Slips Labor Time Job Number Tickets 429 $2,500 $1,900 430 3,500 3,000 431 4,400 $10,400 7,600 $12,500 General use 800 1,200 $11,200 $13,700