Milner Manufacturing uses a job-order costing system. On May 1, the company has a balance in Work in

Milner Manufacturing uses a job-order costing system. On May 1, the company has a balance in Work in Process Inventory of $3,700 and two jobs in process: Job No. 429 $2,010, and Job No. 430 $1,690. During May, a summary of source documents reveals the following:

Milner Manufacturing applies manufacturing overhead to jobs at an overhead rate of 60% of direct labour cost. Job No. 429 is completed during the month.

A) Prepare summary journal entries to record the: (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Labour Time Tickets Job NumberMaterials Requisition Slips $2,340 $2,200 429 430 3,820 3,080 $10,830 7,670 $12,950 431 4,670 General use 1,170 1,550 $12,000 $14,500 requisition slips 1. time tickets 2. assignment of manufacturing overhead to jobs 3. completion of Job No. 429 4. Account Titles and Explanation Debit Credit No. Date 1. May 31 2. May 31 3. May 31 4. May 31 Work in Process Inventory Manufacturing Overhead

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