Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

E2.3 (LO 1, 2, 3, 4), AP A job cost sheet for Ryan Company is shown below. Job No. 92 Direct Materials Direct Labor Date

image text in transcribed
E2.3 (LO 1, 2, 3, 4), AP A job cost sheet for Ryan Company is shown below. Job No. 92 Direct Materials Direct Labor Date For 2,000 Units Manufacturing Overhead 4,200 Beg. bal. Jan. 6,000 5,000 6,000 1 8 12 25 27 8,000 6,400 2,000 4,000 3,200 13,800 18,000 13,000 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($44,800 + 2,000) $13,000 18,000 13,800 $44.800 $ 22.40 Instructions 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? 2. If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? b. Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92. ulando Comnany which uses a in order cost system

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

Measurement And Internal Audit Operations

Authors: Andrew Fight

1st Edition

184112401X, 978-1841124018

More Books

Students also viewed these Accounting questions

Question

Assess three steps in the selection process.

Answered: 1 week ago

Question

Identify the steps in job analysis.

Answered: 1 week ago