A job order cost sheet for Ryan Company is shown below. For 2,000 Units Date Dir

Question

A job order cost sheet for Ryan Company is shown below.

For 2,000 Units

Date

Direct
Materials

Direct
Labor

Manufacturing
Overhead

Job No. 92

For 2,000 Units

Date

Direct
Materials

Direct
Labor

Manufacturing
Overhead

Beg. bal. Jan. 1 6,000 6,700 4,690 8 6,700 12 9,600 8,160 25 2,500 27 3,600 3,060 15,200 19,900 15,910 Balance in Work in Process Inventory on January 1 $ (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, eg, 55%.) Last year Current year Overhead rate (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.) Date Account Titles and Explanation Jan. 31 Debit Credit To record raw materials used) 331 (To record factory labor used) 31 (To record manufacturing overhead) 31 (To record job completed)

Explanation / Answer

1

2

Overhead rate

last year = 4,690/6,700 * 100 = 70%

Current year = 8,160/9,600 * 100 = 85%

(b)

journal

Particulars Amount Direct materials           6,000 Direct labor           6,700 Overhead           4,690 Opening WIP        17,390

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.