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PLEASE HELP WITH THIS PROBLEM. this is all the same question, please fill everything in order and highlight each answer. zoom in if needed. Exercise
PLEASE HELP WITH THIS PROBLEM. this is all the same question, please fill everything in order and highlight each answer. zoom in if needed.
Exercise 2-3 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 7,000 8,000 5,600 8 8,000 9,000 7,200 12 25 2,900 27 4,000 21,000 3,200 16,000 17,900 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($54,900 - 2,000) $17,900 21,000 16,000 $54,900 $27.45 (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? (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 ea 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 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) (To record raw materials used) 31 (To record factory labor used) 31 (To record manufacturing overhead) 31 (To record job completed) Step by Step Solution
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