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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 $3,750 and two jobs in process: Job No. 429 $2,160, and Job No. 430 $1,590. During May, a summary of source documents reveals the following.
Job Number
Materials Requisition Slips
Labor Time Tickets
Prepare summary journal entries to record (i) the requisition slips, (ii) the time tickets, (iii) the assignment of manufacturing overhead to jobs, and (iv) the completion of Job No. 429
No.
Date
Account Titles and Explanation
Debit
Credit
May 31
31
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