Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribedimage text in transcribed

A Job order cost sheet for Ryan Company is shown below. Job No. 92 Direct Materials Direct Labor For 2,000 Units Manufacturing Overhead Date Beg. bal. Jan. 1 5,500 6,700 4,690 6,700 8,800 7,040 2,900 4,000 19,500 3,200 14,930 15,100 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($49,530 + 2,000) $15,100 19,500 14,930 $49,530 $24.77 (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 o decimal places, e.g. 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.) Date Account Titles and Explanation Debit Credit Jan. 31 (To record raw materials used) (To record factory labor used) (To record manufacturing overhead)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Reporting And Auditing In Sovereign Operations Technical Guidance Note

Authors: Asian Development Bank

1st Edition

9292698192, 978-9292698195

More Books

Students also viewed these Accounting questions