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Question 5 --/1 View Policies Current Attempt in Progress A job order cost sheet for Ryan Company is shown below. Job No. 92Cost of completed job: Direct materials $14,900 Direct labor 21,000 Manufacturing overhead 16,800 Total cost $52,700 Unit cosLast year Current year Overhead rate (b) Prepare summary entries at January 31 to record the current years transactions pert(To record manufacturing overhead) (To record job completed)

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Answer #1

1) Balance in work in process account on January 1 = 17600

2) Predetermine overhead rate

Last year Current year
Overhead rate 4900/7000 = 70% 8500/10000 = 85%

3) Journal entry

Date account and explanation Debit Credit
Jan 31 Work in process 9200
Raw material 9200
(To record raw material used)
Jan 31 Work in process 14000
Wages payable 14000
(To record labor cost)
Jan 31 Work in process (14000*85%) 11900
Manufacturing overhead 11900
(To record applied overhead)
Jan 31 Finished goods 52700
Work in process 52700
(To record job completed)
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