Job No. 92DateBeg. bal. Jan. 18122527DirectMaterials6,7007,2002,90016,800Cost of completed job:Direct materialsDirect laborManufacturing overheadTotal costUnit cost ($54,016 +2,000)Overhead rateDirectLabor7,2009,2004,10020,500$16,80020,50016,716$54,016$27.01For 2,000 UnitsManufacturingOverheadBalance 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 year5,5447,7283,44416,716(b) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Round answers toO decimal places, e.g. 55%.)%Current year

Job-Order Costing -Organizations that provide jobs to individual customers are the principal users…

Answered: Job No. 92 Date Beg. bal. Jan. 1 00 12…

Job No. 92 Date Beg. bal. Jan. 1 00 12 25 27 Direct Materials 6,700 7,200 2,900 16,800 Direct Labor 7,200 9,200 4,100 20,500 For 2,000 Units Manufacturing Overhead 5,544 7,728 3,444 16,716

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Question

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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