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(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? Balance in Work in Process Inventory on January 1 $

(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? Balance in Work in Process Inventory on January 1 $

FINANCIAL ACCOUNTING
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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A job order cost sheet for Wildhorse Company is shown below. Job No. 92 Beg. bal. Jan. 1 8 12 25 Date 27 Direct Materials 7,000 8,000 2,900 17,900 Cost of completed job; Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($54,900 +2,000) Direct Labor 8,000 9,000 4,000 21,000 $17,900 21,000 16,000 $54,900 $27,45 For 2,000 Units Manufacturing Overhead 5,600 7,200 3.200 16,000 (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? Balance in Work in Process Inventory on January 1 $
Transcribed Image Text:A job order cost sheet for Wildhorse Company is shown below. Job No. 92 Beg. bal. Jan. 1 8 12 25 Date 27 Direct Materials 7,000 8,000 2,900 17,900 Cost of completed job; Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($54,900 +2,000) Direct Labor 8,000 9,000 4,000 21,000 $17,900 21,000 16,000 $54,900 $27,45 For 2,000 Units Manufacturing Overhead 5,600 7,200 3.200 16,000 (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? Balance in Work in Process Inventory on January 1 $
e tab fn (2) It 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, eg. 55%) Overhead rate caps lock bi Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No 92 (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually Date Account Titles and Explanation Jan 31 esc 31 31 (To record raw materials used 31 (To record factory labor used) Last year (To record manufacturing overhead) (Te reosed is completad Q A T control option Z OP 2 W S 3 X H command 80 Fa E Current year D 4 d: R F % 5 Debit CV T 6 G H Credit U DII BN M O 12 Qui Acca Que Acc Que Act Ques AUR A Quest A Quest ADAP Questi Questic Hov command Viewing ACDUTTS Question
Transcribed Image Text:e tab fn (2) It 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, eg. 55%) Overhead rate caps lock bi Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No 92 (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually Date Account Titles and Explanation Jan 31 esc 31 31 (To record raw materials used 31 (To record factory labor used) Last year (To record manufacturing overhead) (Te reosed is completad Q A T control option Z OP 2 W S 3 X H command 80 Fa E Current year D 4 d: R F % 5 Debit CV T 6 G H Credit U DII BN M O 12 Qui Acca Que Acc Que Act Ques AUR A Quest A Quest ADAP Questi Questic Hov command Viewing ACDUTTS Question
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