CALCULATOR PRINTER VERSION 4 RACK Exercise 2-3 A job order cost sheet for Ryan Company is shown below. Job No. 92 For 2,000 Units Direct Direct Manufacturing Date Materials Labor Overhead Beg. bal Jan. 1 6,500 6,000 4,200 6,000 12 8,000 6,800 25 3,000 27 4,000 3,400 15,500 18,000 14,400 dy Cost of completed jobs Direct materials Direct labor Manufacturing overhead Total cost Unit cost (547,900 + 2,000) $15.500 18,000 14,400 $47,900 $23.95 (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 decimal places. 559.) 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. (Credit account totes are automatically indented when amount is entered. Do not indent manually.) count Tities and relation (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 Debit Credit Jan. 31 3 1 (To record raw materials used) 31 (To record factory labor used) 31 ady To record manufacturing overhead) 31 (To record yob completed)