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Wildhorse Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $4,270 and two
Wildhorse Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $4,270 and two jobs in process: Job No. 429 $2,440, and Job No. 430 $1,830. During May, a summary of source documents reveals the following. Materials Labor Time Job Number Requisition Slips Tickets 429 $3,050 $2,360 430 4,270 3,660 431 5,410 $12,730 9,250 $15,270 General use 1,060 1,380 $13,790 $16,650 Wildhorse Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month. (a) Prepare May 31 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. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) EPIC No. Date Account Titles and Explanation Debit Credit (1) May 31 T
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