Stine Manufacturing uses a job order costing system. On May 1, the company has a balance in Work in Process Inventory of $4,020 and two jobs in process: Job No. 429 $2,390, and Job No. 430 $1,630. During May, a summary of source documents reveals the following.
Job Number---Materials requsition slips---Labor Time Tickets
429--2870--2210
430--3710--3580
431--4820--8080
11400--13870
General Use--907--1440
--12307--15310
Stine Manufacturing 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 (DEBIT AND CREDIT FOR EACH): (i) the requisition slips, (ii) the time tickets, (iii) the assignment of manufacturing overhead to jobs, and (iv) the completion of Job No. 429.
B.Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets.