Reference no: EM132480956

Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,400 and two jobs in process: Job No. 429 $2,100, and Job No. 430 $1,300. During May, a summary of source documents reveals the following.

                                         Materials                        Labor Time

Job Number                       Requisition Slips              Tickets

429                                        $2,600                       $2,000

430                                              3,600                     3,100

431                                           4,500                        7,700

                                           $10,700                     $12,800

General use                            900                              1,300

                                             $11,600                        $14,100

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.

Question 1: 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.)