Can anyone assist in finding the work in process inventory and finished good inventory?
Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $4,140 and two jobs in process: Job No. 429 $2,450, and Job No. 430 $1,690. During May, a summary of source documents reveals the following.
| Job Number |
Materials
Requisition Slips |
Labor Time
Tickets |
| 429 |
$2,920 |
$2,160 |
| 430 |
3,610 |
3,360 |
| 431 |
4,870 |
$11,400 |
8,030 |
$13,550 |
| General use |
960 |
1,600 |
| $12,360 |
$15,150 |
Stine Company applies manufacturing overhead to jobs at an overhead rate of 65% of direct labor cost. Job No. 429 is completed during the month.