URCES 2016 Exercise 15-3 A job order cost sheet for Ryan Company is shown below. Job No. 92 For 2,000 Units DirectDirect Manufacturing Materials Labor Date Overhead Beg. bal. 4,984 Jan. 1 8 12 25 27 6,300 7,120 7,120 2,600 10 7,600 6,080 3,600 16,020 18,320 2,880 3,944 Cost of completed job: $16,020 18,320 13,944 $48,284 $24.14 Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($48,284 +2,000) Study (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? SOURCES (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 s (2) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Round all2016- 15-2 5-5 15-6 15-2 15-6 15-9 15-10 answers to 0 decimal places, e.g. 55%.) Last year Current vear Overhead rate (b) Prepare summary entries at January 31 to record the current years 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 Debit Credit (To record raw materials used) 31 by Studv (To record factory labor used) 31 RCES Jan. 31 16- (To record raw materials used) 31 (To record factory labor used) 31 (To record manufacturing overhead) 31 (To record job completed) Click if you would like to Show Work for this question: Open Show Work Question Attempts: Unlimited SAVE FOR LA SUBMIT ANSW