View Policies Current Attempt in Progress A job order cost sheet for Ryan Company is shown below. Job No. 92 Direct Materials Direct Labor For 2,000 Units Manufacturing Overhead 4,900 Date 7,000 7,000 7.000 Beg. bal. Jan. 1 8 12 25 10,000 7,500 2,500 27 5,000 22.000 3,750 16,150 16,500 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($54,650 +2.000) $16,500 22,000 16,150 $54,650 $27.33 (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? to decimal places, e.g. 55%.) Last year Current year 9 Overhead rate (b) Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92. (Credit oce are automatically indented when amount is entered. Do not indent manually) Debit Credit Date Account Titles and Explanation Jan. 31 (To record raw materials used) the current years transactions pertarung EU JUU NO. 7. Creor UEUUNIT are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 31 (To record raw materials used) 31 (To record factory labor used) 31 (To record manufacturing overhead) 31 (To record job completed)