A job order cost sheet for Wildhorse Company is shown below.Job No. 92Beg. bal. Jan. 181225Date27Direct laborDirectMaterialsCost of completed job:Direct materialsTotal cost6,7007,0002,80016,500Manufacturing overheadDirectLabor7,00010,0004,00021,000$16,50021,00015,400$52,900For 2,000 UnitsManufacturingOverhead4,9007,5003,00015,400 Manufacturing overheadTotal costUnit cost ($52,900 + 2,000)15,400$52,900(a) On the basis of this 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?Overhead rate$26.45Balance 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 answersto 0 decimal places, e.g. 55%.)Jan. 31Last yearDate Account Titles and Explanation%Current year(b) Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92. (List all debit entriesbefore credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)%DebitCredit

Name: A job order cost sheet for Wildhorse Company is shown below.Job No. 9
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Description: A job order cost sheet for Wildhorse Company is shown below.Job No. 92Beg. bal. Jan. 181225Date27Direct laborDirectMaterialsCost of completed job:Direct materialsTotal cost6,7007,0002,80016,500Manufacturing overheadDirectLabor7,00010,0004,00021,000$

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A job order cost sheet for Wildhorse Company is shown below. Job No. 92 Beg. bal. Jan. 1 8 12 25 Date 27 Direct labor Direct Materials Cost of completed job: Direct materials Total cost 6,700 7,000 2,800 Manufacturing overhead Direct Labor 7,000 10,000 16,500 21,000 4,000 $16,500 21,000 15,400 $52,900 For 2,000 Units Manufacturing Overhead 4,900 7,500 3,000 15,400

A job order cost sheet for Wildhorse Company is shown below. Job No. 92 Beg. bal. Jan. 1 8 12 25 Date 27 Direct labor Direct Materials Cost of completed job: Direct materials Total cost 6,700 7,000 2,800 Manufacturing overhead Direct Labor 7,000 10,000 16,500 21,000 4,000 $16,500 21,000 15,400 $52,900 For 2,000 Units Manufacturing Overhead 4,900 7,500 3,000 15,400

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Job No. 92 Date Beg. bal. Jan. 1 8 12 25 27 Direct Materials 6,700 7,200 2,900 16,800 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($54,016 +2,000) Overhead rate Direct Labor 7,200 9,200 4,100 20,500 $16,800 20,500 16,716 $54,016 $27.01 For 2,000 Units Manufacturing Overhead Balance in Work in Process Inventory on January 1 $ On the basis of this data, answer the following questions. (a) What was the balance in Work in Process Inventory on January 1 if this was the only unfinished job? Last year 5,544 7,728 3,444 16,716 (b) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Round answers to O decimal places, e.g. 55%.) % Current year
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