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Exercise 20-02 a-b Crane Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,510 and two jobs in process: Job No. 429 $2,150, and Job No. 430 $1,360. During May, a summary of source documents reveals the following. Job Number Materials Requisition Slips $2,970 429 Labor Time Tickets $2,100 3,200 8,100 $13,400 1,590 430 4,100 431 4,540 $11,610 900 General use $12,510 $14,990 Crane Company applies manufacturing overhead to jobs at an overhead rate of 68% of direct labor cost. Job No. 429 is completed during the month. Your answer is partially correct. Try again. 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.) Debit Credit No. Date Account Titles and Explanation () (1) May 31 Work in Process Inventory 11610 Manufacturing Overhead 900 M Raw Materials Inventory 12510 (2) 31 Work in Process Inventory 13400) Manufacturing Overhead 1590 Factory Labor 14990 (3) 31 Work in Process Inventory x Manufacturing Overhead (4) 31 Finished Goods Inventory Work in Process Inventory x Your answer is incorrect. Try again. Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets. (Post entries in the order of journal entries presented in the previous part.) Work in Process Inventory X x x VERSION A BACK NEXT Manufacturing Overhead 900 Raw Materials Inventory 12510 (2) 31 Work in Process Inventory 13400 Manufacturing Overhead 1590 Factory Labor 14990 (3) 31 Work in Process Inventory Manufacturing Overhead 31 Finished Goods Inventory Work in Process Inventory x Your answer is incorrect. Try again. Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets. (Post entries in the order of journal entries presented in the previous part.) Work in Process Inventory X V X Job Beginning Work No. in Process Direct Material Job Cost Sheets Direct Labor Manufacturing Overhead Total x 430 $ X x X x 431 X Click if you would like to Show Work for this question: Open Show Work

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