US Weygandt, Managerial Accounting, Be 4 BACK CALCULATOR PRINTER VERSION NEXT Stine Company uses a job order cost system. On May 1, the company has a balance in Work In Process Inventory of $3,610 and two jobs in process: Job No. 429 $2,140, and Job No. 430 $1,470. During May, a summary of source documents reveals the following ES Materials Requisition Slips $2,940 Job Number 429 430 431 4,090 Labor Time Tickets $2,100 3,600 8,100 $13,800 1,590 $15,390 4,920 $11,950 930 General use $12,880 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. 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 No. Date Account Titles and Explanation (1) May 31 (2) 31 (3) 31 (4) 31 CALCULATOR PE 429 430 $2,940 4,090 4,920 $2,100 3,600 8,100 431 General use $11,950 930 $12,880 $13,800 1,590 $15,390 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. (a) 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 comple account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (1) May 31 (2) 31 (3) 31 (4) 31