Practice Exercise 1 A job order cost sheet for Ryan Company is shown below. Job No. 92 Date Direct Materials Direct Labor For 2,000 Units Manufacturing Overhead Beg bal. Jan. 1 6,000 5,000 6,000 4,200 8,000 6,400 2,000 4,000 18,000 13,000 3,200 13,800 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($44,800 2,000) $13,000 18,000 13,800 344,800 $22.40 (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 c a . 5 ) Last year Current year Overhead rate ante. Da (b) Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92. (Credit account thesare automatically indeed when amount not indent manually.) Debit Credit Date Account Tities and Explanation Jan. 31 PRINTER V ON BACK (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 13 g. 559) (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 Last year Current year Overhead rate (b) Prepare summary entries at January 31 to record the current year's transactions pertaining to lob No. 92. (Credit account titles are automatically indented when amount is not indent manually.) Debit Credit Date Account Titles and Explanation Jan. 31 (To record raw materials used) To record factory laborused) (To record manufacturing overhead) (To record job completed) Wir sit by your instructor