Solution for QID #16853: Stine Company uses a job order cost system. On May 1, the co | StudyHelpMe

Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,770 and two jobs in process: Job No. 429 $2,430, and Job No. 430 $1,340. During May, a summary of source documents reveals the following. Job Number   Materials Requisition Slips   Labor Time Tickets 429   $2,940       $2,300     430   3,850       3,400     431   4,680   $11,470   8,170   $13,870 General use       940       1,570         $12,410       $15,440 Stine Company applies manufacturing overhead to jobs at an overhead rate of 68% of direct labor cost. Job No. 429 is completed during the month. Warning Don't show me this message again for the assignment Ok  Cancel     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. Round answers to 0 decimal places, e.g. 5,275.) No. Date Account Titles and Explanation Debit Credit (1) May 31         (2) 31         (3) 31     (4) 31     Warning Don't show me this message again for the assignment Ok  Cancel     Show List of Accounts 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. Round answers to 0 decimal places, e.g. 5,275.) Work in Process Inventory  May 1 BalanceMay 31May 31 Balance  May 1 BalanceMay 31 BalanceMay 31  May 31 BalanceMay 31May 1 Balance  May 31 BalanceMay 31May 1 Balance  May 31May 31 BalanceMay 1 Balance  May 31 BalanceMay 1 BalanceMay 31  May 31May 1 BalanceMay 31 Balance  May 31May 31 BalanceMay 1 Balance  May 31May 1 BalanceMay 31 Balance  May 31 BalanceMay 1 BalanceMay 31 Job Cost Sheets Job No.   Beginning Work in Process   Direct Material   Direct Labor   Manufacturing Overhead   Total 430   $   $   $   $   $ 431               $   $   $   $   $