Job No. 92 For 2,000 Units Direct Direct Manufacturing Date Materials Labor Overhead Beg. bal. Jan....

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Job No. 92 For 2,000 Units Direct Direct Manufacturing Date Materials Labor Overhead Beg. bal. Jan. 1 6,400 7,000 4,900 8 7,000 222 12 10,000 7,500 25 2,500 27 4,000 3,000 15,900 21,000 15,400 Cost of completed job: Direct materials $15,900 Direct labor 21,000 Manufacturing overhead 15,400 Total cost $52,300 Unit cost ($52,300 2,000) $26.15 (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 answers to O decimal places, e.g. 55%.) Overhead rate Last year Current year % % (b) Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 31 31 (To record raw materials used) (To record factory labor used) Debit Credit Job No. 92 For 2,000 Units Direct Direct Manufacturing Date Materials Labor Overhead Beg. bal. Jan. 1 6,400 7,000 4,900 8 7,000 222 12 10,000 7,500 25 2,500 27 4,000 3,000 15,900 21,000 15,400 Cost of completed job: Direct materials $15,900 Direct labor 21,000 Manufacturing overhead 15,400 Total cost $52,300 Unit cost ($52,300 2,000) $26.15 (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 answers to O decimal places, e.g. 55%.) Overhead rate Last year Current year % % (b) Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 31 31 (To record raw materials used) (To record factory labor used) Debit Credit