Marigold Company uses a job order cost system. On May 1, the company has balances in Raw Materials I

 
   

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Marigold Company uses a job order cost system. On May 1, the company has balances in Raw Materials Inventory of $15,600 and Work in Process Inventory of $3,970 and two jobs in process: Job No. 429 $2,220, and Job No. 430 $1,750. During May, a summary of source documents reveals the following.

Exercise 14-2 a-c (Part Level Submission) Marigold Company uses a job order cost system. On May 1, the company has balances in Raw Materials Inventory of $15,600 and Work in Process Inventory of $3,970 and two jobs in process: Job No. 429 $2,220, and Job No. 430 $1,750. During May, a summary of source documents reveals the following. Materials Requisition Slips Labor Time Tickets Job Number 429 430 $2,620 3,720 4,870 $2,080 3,130 7,880 431 $11,210 990 General use $13,090 1,480 $14,570 $12,200 Marigold Company applies manufacturing overhead to jobs at an overhead rate of 70% of direct labor cost. Job No. 429 is completed during the month. (a & b) (a) Record the May 1 inventory balances and the factory labor incurred. in Record (1) material usage from requisition slips, (2) factory labor usage from time tickets, (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Job No. 429. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Manufacturing Costs Raw Materials Inventory Factory Labor Manufacturing Overhead Work in Process Inventory Finished Goods Inventory 15,600 3,970 (a) Balances $ (b) Incurred factory labor (b) Direct materials (b) Indirect materials (b) Direct labor (b) Indirect labor (b) Assign Manufacturing overhead (b) Completion of job No. 429 Balance