Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,970 and two jobs in process: Job No. 429 $2,220, and Job No. 430 $1,750. During May, a summary of source documents reveals the following. Job Number Materials Requisition Slips Labor Time Tickets 429 $2,620 $2,080 430 3,720 3,130 431 4,870 $11,210 7,880 $13,090 General use 990 1,480 $12,200 $14,570 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.

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Exercise 16-2 Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,970 and two jobs in process: Job No. 429 $2,220, and Job No. 430 $1,750. During May, a summary of source documents reveals the following Materials Requisition Slips Labor Time Tickets Job Number 429 430 431 General use $2,080 3,130 $11,210_7,880 $2,620 3,720 4,870 $13,090 1,480 $14,570 990 $12,200 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