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A job order cost sheet for Ivanhoe Company is shown below. Job No. 92 For 2,000 Units Date Direct Materials Direct Labor Manufacturing Overhead Beg.

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

Job No. 92

For 2,000 Units

Date

Direct Materials

Direct Labor

Manufacturing Overhead

Beg. bal. Jan. 1

5,500

7,000

4,900

8

7,000

12

8,000

6,800

25

2,400

27

4,000

3,400

14,900

19,000

15,100

Cost of completed job:

Direct materials

$14,900

Direct labor

19,000

Manufacturing overhead

15,100

Total cost

$49,000

Unit cost ($49,000 2,000)

$24.50

(a) On the basis of this 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 $enter the balance in Work in Process Inventory on January 1 in dollars

(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

enter percentages rounded to 0 decimal places

%

enter percentages rounded to 0 decimal places

%

(b) Prepare summary entries at January 31 to record the current years transactions pertaining to Job No. 92. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Jan. 31

enter an account title to record raw materials used on January 31

enter a debit amount

enter a credit amount

enter an account title to record raw materials used on January 31

enter a debit amount

enter a credit amount

(To record raw materials used)

31

enter an account title to record factory labor used on January 31

enter a debit amount

enter a credit amount

enter an account title to record factory labor used on January 31

enter a debit amount

enter a credit amount

(To record factory labor used)

31

enter an account title to record manufacturing overhead on January 31

enter a debit amount

enter a credit amount

enter an account title to record manufacturing overhead on January 31

enter a debit amount

enter a credit amount

(To record manufacturing overhead)

31

enter an account title to record job completed on January 31

enter a debit amount

enter a credit amount

enter an account title to record job completed on January 31

enter a debit amount

enter a credit amount

(To record job completed)

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