On the basis of these 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?The balance in Work in Process Inventory $2. If manufacturing overhead is applied on the basis of direct labour cost, what overhead rate was used inOverhead rateLast year%This year% A job cost sheet for Ivanhoe Company is shown below.Job No. 92DateBeginning BalanceJanuary 1Direct labour8Total cost32°C12Cost of completed job:Direct materials2527Manufacturing overheadDirectMaterialsUnit cost ($43,200 + 2,000)$3,9806,0302,41012,420DirectLabour$5,9008,8904,01018,800For 2,000 UnitsManufacturingOverhead$2,9506,2232,80711,980$12,42018,80011,980$43,200$21.60

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Description: On the basis of these 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?The balance in Work in Process Inventory $2. If manufacturing overhead is applied on the

The overhead is applied to the production on the basis of pre-determined overhead rate. The…

Business

Accounting

Job No. 92 Date Beginning Balance January 1 8 12 Total cost 25 27 Cost of completed job: Direct materials Direct labour Manufacturing overhead Direct Materials Unit cost ($43,200 + 2,000) $3,980 6,030 2,410 12,420 Direct Labour $5,900 8,890 4,010 18,800 For 2,000 Units Manufacturing Overhead $2,950 6,223 2,807 11,980 $12,420 18,800 11,980 $43,200 $21.60

Job No. 92 Date Beginning Balance January 1 8 12 Total cost 25 27 Cost of completed job: Direct materials Direct labour Manufacturing overhead Direct Materials Unit cost ($43,200 + 2,000) $3,980 6,030 2,410 12,420 Direct Labour $5,900 8,890 4,010 18,800 For 2,000 Units Manufacturing Overhead $2,950 6,223 2,807 11,980 $12,420 18,800 11,980 $43,200 $21.60

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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