Job No. 92 Date Beg. bal. Jan. 1 8 12 25 27 Direct Materials Cost of completed job: Direct materials Direct labor 6,400 7,000 2,500 Manufacturing overhead Total cost Unit cost ($52,300 + 2,000) Overhead rate Direct Labor 7,000 31 10,000 15,900 21,000 4,000 $15,900 21,000 15,400 $52,300 $26.15 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? Last year For 2,000 Units Manufacturing Overhead Date Account Titles and Explanation Jan. 31 (2) 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%.) (To record raw materials used) 4,900 (To record factory labor used) 7,500 % 3,000 15,400 (b) 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.) Current year Debit % 11 Credit

Job No. 92 Date Beg. bal. Jan. 1 8 12 25 27 Direct Materials Cost of completed job: Direct materials Direct labor 6,400 7,000 2,500 Manufacturing overhead Total cost Unit cost ($52,300 + 2,000) Overhead rate Direct Labor 7,000 31 10,000 15,900 21,000 4,000 $15,900 21,000 15,400 $52,300 $26.15 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? Last year For 2,000 Units Manufacturing Overhead Date Account Titles and Explanation Jan. 31 (2) 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%.) (To record raw materials used) 4,900 (To record factory labor used) 7,500 % 3,000 15,400 (b) 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.) Current year Debit % 11 Credit

Name: Job No. 92Beg. bal. Jan. 181225Date27Cost of completed job:Direct mat
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Description: Job No. 92Beg. bal. Jan. 181225Date27Cost of completed job:Direct materialsDirect laborTotal costDirectMaterials6,4007,000Manufacturing overhead2,50015,900Unit cost ($52,300 + 2,000)Overhead rateDirectLabor317,00010,0004,00021,000$15,90021,00015,400

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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