question archive A job order cost sheet for Ryan Company is shown below

A job order cost sheet for Ryan Company is shown below

Subject:AccountingPrice:3.85 Bought3

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

Job No. 92

         

For 2,000 Units


Date

 

Direct
Materials

 

Direct
Labor

 

Manufacturing
Overhead

Beg. bal. Jan. 1   6,400   6,560   4,592
8   6,560        
12       10,000   7,500
25   2,800        
27       4,000   3,000
    15,760   20,560   15,092
Cost of completed job:    
   Direct materials   $15,760
   Direct labor   20,560
   Manufacturing overhead   15,092
Total cost   $51,412
Unit cost ($51,412 ÷ 2,000)   $25.71


(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   $

Entry field with correct answer17552


(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, e.g. 55%.)

    Last year   Current year  
Overhead rate  

        Entry field with correct answer70

%

Entry field with incorrect answer

%      What is the current year %?


(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.)

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