Current Attempt in Progress The net earnings of the factory workers for Larkin Company during the month of January are 573,000. The employer's payroll taxes for the actory payroll are 59.200. The fringe benefits to be paid by the employer on this payroll are $6,200. Of the total accumulated cost of factory tabor, 13is related to direct labor and 17% is attributable to indirect labor. Prepare the entry to record the factory labor costs for the month of January (5) Prepare the entry to assign factory labor to production Credit account titles are automatically indented when amount is entered. Do not indent manually No. Account Titles and Explanation Debit ( Credit 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 7,120 4,984 6,400 7,120 8 12 10,000 7,500 25 2,500 27 3,300 4,400 21,520 16,020 15,784 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost $16,020 21,520 15,784 $53,324 Unit cost ($53.324 : 200 Unit cost ($53,324 + 2,000) $26.66 (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 $ (2) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (R to decimal places, eg. 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 ac are automatically indented when amount is entered. Do not indent manually.) O RE ere to search (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 Credit Debit Jan. 31 1 (To record raw materials used) 31 (To record factory labor used) 31 (To record manufacturing overhead) 31 (To record factory labor used) 31 (To record manufacturing overhead) 31 (To record job completed)