50.1K

Verified Solution

Link Copied!

A job order cost sheet for Ryan Company is shown below Job No. 92 For 2,000 Units Direct Manufacturing Direct Materials Labor Date Overhead Beg. bal 5,9007,400 5,180 Jan. 1 7,400 12 25 27 6,800 5,100 2,400 4,400 15,700 18,600 3,300 13,580 Cost of completed job: Direct materials 15,700 18,600 13,580 $47,880 $23.94 Direct labor Total cost Unit cost ($47,880 2,000) (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? Balance in Work in Process Inventory on January 1 s (2) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Round answers to 0 decimal places, eg, 55%.) Last year Current year Overhead rate (b) Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (b) Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 31 Debit Credit To record raw materials used) 31 To record factory labor used) 31 To record manufacturing overhead) 31 To record job completed)

Answer & Explanation Solved by verified expert

See Answer