Find the answer to this question here. Super convenient online flashcards for studying and checking your answers!

(Correct Answer Below)

Reveal the answer to this question whenever you are ready.

A Job Order Cost Sheet For Ryan Company Is Shown Below.

Job No. 92 For 2,000 Units Date Direct Materials Direct Labor Manufacturing Overhead Beg. bal. Jan. 1 5,000 6,000 4,200 8 6,000 12 8,000 6,400 25 2,000 27 4,000 3,200 13,000 18,000 13,800 Cost of completed job: Direct materials $13,000 Direct labor 18,000 Manufacturing overhead 13,800 Total cost $44,800 Unit cost ($44,800 Ö 2,000) $22.40 Instructions (a) On the basis of the foregoing data, answer the following questions. ¥ What was the balance in Work in Process Inventory on January 1 if this was the only unfinished job? ¥ If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (b) Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92.
Front

Advertisement

(a) 1. $15,200, or ($5,000 + $6,000 + $4,200). 2. Last year 70%, or ($4,200 Ö $6,000); this year 80% (either $6,400 Ö $8,000 or $3,200 Ö $4,000). (b) Jan. 31 Work in Process Inventory 8,000 Raw Materials Inventory 8,000 31 Work in Process Inventory 12,000 Factory Labor 12,000 31 Work in Process Inventory 9,600 Manufacturing Overhead 9,600 31 Finished Goods Inventory 44,800 Work in Process Inventory 44,800
Enter another question to find a notecard:

About the flashcard:

This flashcard is meant to be used for studying, quizzing and learning new information. Many scouting web questions are common questions that are typically seen in the classroom, for homework or on quizzes and tests. Flashcards vary depending on the topic, questions and age group. The cards are meant to be seen as a digital flashcard as they appear double sided, or rather hide the answer giving you the opportunity to think about the question at hand and answer it in your head or on a sheet before revealing the correct answer to yourself or studying partner. Some questions will include multiple choice options to show you the options involved and other questions will just have the questions and corrects answers. Simply reveal the answer when you are ready to check your work. Absolutely no cheating is acceptable.

You May also Like:

[wcp-carousel id="1853"]