(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 $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 $
Transcribed Image Text:e
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(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
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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)
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