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iPad 8:45 PM 98% edugen.wileyplus.com Instagram H... What can I...Instagram H... chattanoog... McKamey A...Reset Pass... WileyPLUS Kimmel, Accounting: Tools for Business Decision Making, Se Announcements (1 Unread PRINTER ASSIGNMENT RESOURCES Exercise 15-3 15 Exercises A job order cost sheet for Lowry Company is shown below. Exercise 15-1 Exercise 15-2 (Part Level Submission) Exercise 15-2 Job No. 92 For 2,000 Units DirectManufacturing Direct Materials Labor Date Overhead Beg. bal 7,000 6,700 5,092 Jan. 1 Exercise 15-5 Lever Subrnissian) Exercise 15-5 Exercise 15-6 Lever Subrnissian) 6,700 8,400 12 25 27 6, 2,700 5,000 4,000 16,400 20,100 15,812 Exercise 15-7 Exercise 15-9 (Part $16,400 20,100 15,812 $52,312 $26.16 Direct materials Exercise 15-9 Exercise 15-10 (Part Direct labor Exercise 15-10 Total cost Unit cost ($52,312/2,000) (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? 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? Exercise 15-11 (Part Exercise 15-11 Exercise 15-12 Exercise 15-13 (Part Exercise 15-13 Review Score Review Results by Stu objective overhead rate (b) Prepare summary entries at January 31 to record the current years transactions pertaining to Job No. 92. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Jan. 31 Raw Materials Invento s Payable To record raw materials used 31 Labor actory Wages Payable To record factory labor used) 31 anufacturing Overhead To record manufacturing overhead) 31 Goods1 Work in Process Inventory To record job completed) Click if you wo uld like to Show Work for this question: Open Show Work HoW LIST OF ACCOUNTS By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by yourExplanation / Answer
Answer :
(a)
(1)Balance in work in progress for inventory of unfinished product on January 1 is as follow
Balance in January 1 = 7000+6700+5092
=18792
(2) If the manufacturing overhead is applied on the basis of direct labour cost,then overhead rate used in each year is as follow
(2)
Journal entries are as follow
Last Year Current Year 5092 /6700 6720/8400 76 % 80 %Related Questions
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