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A job order cost sheet for Oriole Company is shown below.

$\backslash$table$[[$Job No$.92,,$For $2,000$ Units$],[$Date$,\backslash$table$[[$Direct$],[$Materials$]],\backslash$table$[[$Direct$],[$Labor$]],\backslash$table$[[$Manufacturing$],[$Overhead$]]],[$Beg$.$bal. Jan. $1,5,200,7,000,4,900],[8,7,000,,],[12,,10,000,8,000],[25,2,900,,],[27,,5,000,4,000],[15,100,22,000,16,900]]$

Cost of completed job:

$\backslash$table$[[$Direct materials,$$15,100$How to solve

A job order cost sheet for Oriole Company is shown below.

$\backslash$table$[[$Job No$.92,,$For $2,000$ Units$],[$Date$,\backslash$table$[[$Direct$],[$Materials$]],\backslash$table$[[$Direct$],[$Labor$]],\backslash$table$[[$Manufacturing$],[$Overhead$]]],[$Beg$.$bal. Jan. $1,5,200,7,000,4,900],[8,7,000,,],[12,,10,000,8,000],[25,2,$

$($a$)$ On the basis of this data, answer the following questions.

$(1)$ What was the balance in Work in Process Inventory on January $1$ if this was the only unfinished job?

Balance in Work in Process Inventory on January $1$$$

$(2)$ If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? $($Round answe to $0$ decimal places, e$.$g$.55\%.)$

Overhead rate Last year $\%$ Current year

$($b$)$ Prepare summary entries at January $31$ to record the current year's transactions pertaining to Job No$.92.($List all debit entrie before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

Date

Account Titles and Explanation

Debit

Credit

Jan. $31$

Work in Process Inventory $q,q,q,$

$($To record raw materials used$)$

$31$

$q,900,,],[27,,5,000,4,000],[15,100,22,000,16,900]]$

Cost of completed job:

$\backslash$table$[[$Direct materials,$$15,100$

$($a$)$ On the basis of this data, answer the following questions.

$(1)$ What was the balance in Work in Process Inventory on January $1$ if this was the only unfinished job?

Balance in Work in Process Inventory on January $1,$$

$(2)$ If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? $($Round answe to $0$ decimal places, e$.$g$.55\%.)$

Last year $,\%,$ Current year

$($b$)$ Prepare summary entries at January $31$ to record the current year's transactions pertaining to Job No$.92.($List all debit entrie before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

$\backslash$table$[[$Date$,$Account Titles and Explanation$],[$Jan$.31,$Work in Process Inventory$],[,]]$

Debit

Credit

$($To record raw materials used$)$

$31$

$$

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