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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

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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 jobs in process: Job No. 429 $2.490. and Job No. 430 $1,430. During May, a summary of source documents reveals the following Job Number 429 430 Materials Requisition Slips $2.710 4,040 4,730 $11.480 970 $12,450 Labor Time Tickets $2,200 3,500 7,900 $13,600 1,300 $14,900 431 General use 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 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.) 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.) Debit Credit No. Date Account Titles and Explanation (1) May 31 (2) 31 (3) 31 (4) 31 > G i Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets. (Post entries in the order of journal entries presented in the previous part.) Work in Process Inventory Direct Material Job No. Job Cost Sheets Direct Labor Manufacturi Overhead Beginning Work in Process I $ 430 $ 431 $ $ Work in Process Inventory Job No. Beginning Work in Process Direct Material Job Cost Sheets Direct Labor Manufacturi Overhead 430 $ $ 431 $ $ $

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