A job order cost sheet for Bramble Company is shown below. Job No. 92           For 2,000 Units Date   Direct Materials   Direct Labor   Manufacturing Overhead Beg. bal. Jan. 1   6,900   7,300   5,840 8   7,300         12       9,700   8,148 25   2,600         27       5,100   4,284     16,800   22,100   18,272   Cost of completed job:        Direct materials   $ 16,800    Direct labor   22,100    Manufacturing overhead   18,272 Total cost   $ 57,172 Unit cost ($ 57,172 ÷ 2,000)   $ 29 On the basis of the foregoing 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? Balance in Work in Process Inventory on January 1   $ enter the Balance in Work in Process Inventory on January 1 in dollarsenter the Balance in Work in Process Inventory on January 1 in dollars (b) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Round answers to 0 decimal places, e.g. 55%.)     Last year     Current year   Overhead rate   enter percentagesenter percentages %   enter percentagesenter

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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A job order cost sheet for Bramble Company is shown below.

Job No. 92
         
For 2,000 Units

Date
 
Direct
Materials
 
Direct
Labor
 
Manufacturing
Overhead
Beg. bal. Jan. 1   6,900   7,300   5,840
8   7,300        
12       9,700   8,148
25   2,600        
27       5,100   4,284
    16,800   22,100   18,272

 

Cost of completed job:    
   Direct materials   $ 16,800
   Direct labor   22,100
   Manufacturing overhead   18,272
Total cost   $ 57,172
Unit cost ($ 57,172 ÷ 2,000)   $ 29



On the basis of the foregoing 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?

Balance in Work in Process Inventory on January 1   $ enter the Balance in Work in Process Inventory on January 1 in dollarsenter the Balance in Work in Process Inventory on January 1 in dollars


(b) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Round answers to 0 decimal places, e.g. 55%.)

    Last year     Current year  
Overhead rate  
enter percentagesenter percentages
%  
enter percentagesenter percentages
%
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