Stine Company uses a job order cost system

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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.

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.)

Account titles       Debit    Credit

(1) May 31   Work in Process Inventory 11,470

Manufacturing Overhead 940

  Raw Materials Inventory   12,410

(2) 31 Work in Process Inventory 13,870   

Manufacturing Overhead 1,570

  Factory Labor   15,440

(3) 31   Work in Process Inventory   9432

Manufacturing Overhead     9432

(4) 31 Finished Goods Inventory ?????

  Work in Process Inventory ???????

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.)

Job Cost Sheets
Job No.		Beginning Work in Process		Direct Material		Direct Labor		Manufacturing Overhead

430 ?????? 3,850   3,400 ??????

431 ??????   4,680   8,170 ??????

Total ??????   8,530 11,570 ??????