Solution-What was the balance in work in process inventory

What was the balance in work in process inventory on january

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Reference no: EM131822054

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 ÷ 2,000)	$22.40

(a) On the basis of the foregoing 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?

(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%.)

(b) Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Reference no: EM131822054

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What was the balance in work in process inventory on january

Reference no: EM131822054

Reference no: EM131822054

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