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Crane Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $4,410 and two jobs in process: Job No. 429 $2,520, and Job No. 430 $1,890. During May, a summary of source documents reveals the following. Materials Requisition Slips Labor Time Tickets Job Number 429 $3,150 $2,440 430 4,410 3,780 431 5,590 $13,150 9,550 $15,770 General use 1.100 1,420 $14,250 $17,190 Crane Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month. Your answer is partially correct. Prepare May 31 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.(List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Work in Process Inventory 13,150 Manufacturing Overhead 1,100 Raw Materials Inventory 141 Work in Process Inventory 15,770 Manufacturing Overhead 1,420 Factory Labor 17 work 9462 Manufacturing Overhead 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 May 1 Balance 4410 May 31 1420 May 31 13,150 May 31 15,770 100 May 31 1100 May 31 Balance 35850

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