1. A job order cost sheet for Sheridan Company is as follows.

Job No. 92						For 2,000 Units
Date		Direct Materials		Direct Labor		Manufacturing Overhead
Beg. bal. Jan. 1		6,500		7,400		5,920
8		7,400
12				8,400		6,888
25		2,900
27				4,400		3,608
		16,800		20,200		16,416

Cost of completed job:
Direct materials		$16,800
Direct labor		20,200
Manufacturing overhead		16,416
Total cost		$53,416
Unit cost ($53,416 2,000)		$26.71

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

$enter the Balance in Work in Process Inventory on January 1 in dollars

(b) 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		enter overhead rate in percentages rounded to 0 decimal places	%		enter overhead rate in percentages rounded to 0 decimal places	%

2. In March, Sheridan Company completes its only two jobs in process, Jobs 10 and 11. Job 10 cost $26,600 and Job 11 $37,000. On March 31, Job 10 is sold. Record the completion of the two jobs and the sale of Job 10. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

		Manufacturing Costs						Work in Process Inventory		Finished Goods Inventory		Cost of Goods Sold
		Raw Materials Inventory		Factory Labor		Manufacturing Overhead
Balance		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount
Completion of Jobs:
Job 10		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount
Job 11		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount
Job sold:
Job 10		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount
Balance		$enter a total amount		$enter a total amount		$enter a total amount		$enter a total amount		$enter a total amount		$enter a total amount