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A job order cost sheet for Ryan Company is shown below. (a) On the basis...

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Accounting

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A job order cost sheet for Ryan Company is shown below. (a) On the basis of the foregoing 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? vate Account Iries and Expianation Jan31 Work in Process Inventory Raw Materials Inventory (To record raw materials used) 31 Work in Process Inventory Salaries and Wages Payable (To record factory labor used) 31 Work in Process Inventory Manufacturing Overhead (To record manufacturing overhead) 31 Finished Goods Inventory Work in Process Inventory (To record job completed) (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 answers O decimal places, e.g. 55\%) (b) Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92. (Credit account titles ar automatically indented when amount is entered. Do not indent manually.)

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