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Exercise 2-2 Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $4,240 and two jobs in process: Job No. 429 $2,580, and Job No. 430 $1,660. During May, a summary of source documents reveals the following. Materials Requisition Slips Labor Time Tickets Job Number 429 430 431 General use $2,060 3,310 $3,040 3,680 4,710 $11,430 8,130 $13,500 940 1,360 $12,370 14,860 Stine Company applies manufacturing overhead to jobs at an overhead rate of 61% of di ct labor cost. Job No. 429 is completed during the month
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