Homework Help is Here – Start Your Trial Now!
Business
Accounting
(a) On the basis of this 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 $

(a) On the basis of this 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 $

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter4: Job Order Costing
Section: Chapter Questions
Problem 10EB: Inez has the following information relating to Job AA5. Direct material cost was $200,000, direct...
See similar textbooks
icon
Related questions
Question

Please do not give solution in image format thanku 

A job order cost sheet for Wildhorse Company is shown below. Job No. 92 Beg. bal. Jan. 1 8 12 25 Date 27 Direct Materials 7,000 8,000 2,900 17,900 Cost of completed job; Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($54,900 +2,000) Direct Labor 8,000 9,000 4,000 21,000 $17,900 21,000 16,000 $54,900 $27,45 For 2,000 Units Manufacturing Overhead 5,600 7,200 3.200 16,000 (a) On the basis of this 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 $
Transcribed Image Text:A job order cost sheet for Wildhorse Company is shown below. Job No. 92 Beg. bal. Jan. 1 8 12 25 Date 27 Direct Materials 7,000 8,000 2,900 17,900 Cost of completed job; Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($54,900 +2,000) Direct Labor 8,000 9,000 4,000 21,000 $17,900 21,000 16,000 $54,900 $27,45 For 2,000 Units Manufacturing Overhead 5,600 7,200 3.200 16,000 (a) On the basis of this 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 $
e tab fn (2) It manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Round answers to O decimal places, eg. 55%) Overhead rate caps lock bi Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No 92 (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually Date Account Titles and Explanation Jan 31 esc 31 31 (To record raw materials used 31 (To record factory labor used) Last year (To record manufacturing overhead) (Te reosed is completad Q A T control option Z OP 2 W S 3 X H command 80 Fa E Current year D 4 d: R F % 5 Debit CV T 6 G H Credit U DII BN M O 12 Qui Acca Que Acc Que Act Ques AUR A Quest A Quest ADAP Questi Questic Hov command Viewing ACDUTTS Question
Transcribed Image Text:e tab fn (2) It manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Round answers to O decimal places, eg. 55%) Overhead rate caps lock bi Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No 92 (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually Date Account Titles and Explanation Jan 31 esc 31 31 (To record raw materials used 31 (To record factory labor used) Last year (To record manufacturing overhead) (Te reosed is completad Q A T control option Z OP 2 W S 3 X H command 80 Fa E Current year D 4 d: R F % 5 Debit CV T 6 G H Credit U DII BN M O 12 Qui Acca Que Acc Que Act Ques AUR A Quest A Quest ADAP Questi Questic Hov command Viewing ACDUTTS Question
Expert Solution
steps

Step by step

Solved in 4 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Interim financial reporting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Accounting Volume 2
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Principles of Cost Accounting
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Managerial Accounting
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
College Accounting, Chapters 1-27 (New in Account…
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS