A job order cost sheet for Ryan Company is shown below. For 2,000 Units Manufacturing Overhead...
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A job order cost sheet for Ryan Company is shown below. For 2,000 Units Manufacturing Overhead Job No. 92 Date Beg. bal. Jan. 1 8 222 12 25 27 Direct Direct Materials Labor 6,700 7,000 2,800 16,500 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($52,900 + 2,000) 7,000 10,000 4,000 21,000 4,900 7,500 3,000 15,400 $16,500 21,000 15,400 $52,900 $26.45 (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? 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 0 decimal places, e.g. 55%6.) Current year Overhead rate (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 Jan. 31 31 31 349 Last year (To record raw materials used) 31 (To record factory labor used) (To record manufacturing overhead) Debit Credit A job order cost sheet for Ryan Company is shown below. For 2,000 Units Manufacturing Overhead Job No. 92 Date Beg. bal. Jan. 1 8 222 12 25 27 Direct Direct Materials Labor 6,700 7,000 2,800 16,500 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($52,900 + 2,000) 7,000 10,000 4,000 21,000 4,900 7,500 3,000 15,400 $16,500 21,000 15,400 $52,900 $26.45 (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? 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 0 decimal places, e.g. 55%6.) Current year Overhead rate (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 Jan. 31 31 31 349 Last year (To record raw materials used) 31 (To record factory labor used) (To record manufacturing overhead) Debit Credit
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Related Book For
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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