A job order cost sheet for Lowry Company is shown below.

Instructions
(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?
(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.

Transcribed Image Text:

Job No. 92 For 2,000 Units Direct DirManufacturing Date Materials Labor 6,000 8,000 4,000 18,000 Overhead 5,100 6,400 3,200 Beg. bal. Jan. 1 5,000 12 25 27 6,000 2,000 13,000 14,700 Cost of completed job: Direct materials Direct labor Manufacturing o $13,000 18,000 14,700 $45,700 verhead Total cost Unit cost ($45,700 2,000) 22.85