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

Instructions
(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?
(2) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year?
(b) Prepare summary entries at January 31 to record the current year€™s transactions pertaining to Job No.92.

Transcribed Image Text:

Job No. 92 For 2,000 Units Direct Materials Dt Manufacturing Labor 6,000 8,000 4,000 18,000 Overhead 4,200 6,400 3,200 13,800 Date Beg. bal. Jan. 5,000 6,000 1 12 25 27 2,000 13,000 Cost of completed job Direct materials Direct labor Manufacturing overhead $13,000 18,000 13,800 S44,800 Total cost Unit cost ($44,800 2,000) $22.40