Blossom Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,570 and two jobs in process: Job No. 429 $2,040, and Job No. 430 $1,530. During May, a summary of source documents reveals the following. Job Number 429 430 431 General use Materials Requisition Slips $2,550 3,570 4,510 $10,630 860 $11,490 Labor Time Tickets $1,960 3,060 7,750 $12,770 1,180 $13,950 Blossom Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month. 20.

2: Graded Homework Question 24 of 25 Date Account Titles and Explanation Debit Credit Jan. 31 (To record raw materials used) 31 (To record factory labor used) 31 (To record manufacturing overhead) 31 (To record job completed) 81 (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 (2) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Round an to 0 decimal piaces, e.g. 55\%.) (b) Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92 . (List all debit en before credit entries. Credit account titles are automatically indented when amountic Blossom Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,570 and two jobs in process: Job No. 429$2,040, and Job No. 430$1,530. During May, a summary of source documents reveals the following Blossom Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No, 429 is completed during the month. 2: Graded Homework Question 24 of 25 Date Account Titles and Explanation Debit Credit Jan. 31 (To record raw materials used) 31 (To record factory labor used) 31 (To record manufacturing overhead) 31 (To record job completed) 81 (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 (2) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Round an to 0 decimal piaces, e.g. 55\%.) (b) Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92 . (List all debit en before credit entries. Credit account titles are automatically indented when amountic Blossom Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,570 and two jobs in process: Job No. 429$2,040, and Job No. 430$1,530. During May, a summary of source documents reveals the following Blossom Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No, 429 is completed during the month