A job order sheet for Ryan Company is Shown below.
Instructions
- On the basis of the foregoing data, answer the following questions.
- What was the balance in Work in Process Inventory on January 1 if this was the only unfinished job?
- If manufacturing overhead is applied on the basis of direct labor cost, what overhead rte was used in each year?
- Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92.
Solution
a.
b.
Summary entries for current year's transactions
