View Policies Current Attempt in Progress 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 429 430 431 Materials Requisition Slips $2,620 3,720 4,870 $11,210 990 Labor Time Tickets $2,100 3,100 7.900 $13,100 1.480 $14,580 General use $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 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.) Debit Credit 11.210 No. Date Account Titles and Explanation (1) May Work in Process Inventory 31 Manufacturing Overhead Raw Materials Inventory 990 12.200 (2) 31 Work in Process Inventory 13,100 Manufacturing Overhead 1,480 Factory Labor 14,580 (3) 31 Work in Process Inventory Manufacturing Overhead (4) 31