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Home/ Questions/A job order cost sheet for Ryan Company is shown below.
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lizawr
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lizawr
Asked: April 10, 20222022-04-10T08:34:35+00:00 2022-04-10T08:34:35+00:00In: Accounting

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

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A job order cost sheet for Ryan Company is shown below. Job No. 92 Direct Materials...

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A job order cost sheet for Ryan Company is shown below. Job No. 92 Direct Materials...

A job order cost sheet for Ryan Company is shown below. 
 
(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?
 
(b) Prepare summary entries at January 31 to record the current year’s transactions pertaining to Job No. 92.

♦ Relevant knowledge

Job cost sheets are a type of document that lists all the costs associated with completing work cost statement is a form of document or record that combines all the expenses associated with a specific task. It’s a means for companies to segregate costs. By decomposing the expenses, businesses can know exactly how much they invested in each product made. A cost sheet for job is also an excellent tool for companies who submit bids to get jobs. Certain businesses must make a bid, or cost estimate to the hiring company which provides the cost at which they will complete the job.

There are three major categories that include direct materials as well as direct labor and overhead specifically transportation costs, sales, and taxes, materials and supplies or labor costs, as well as any outsourcing costs.

direct labor costjob cost sheetmanufacturing overhead
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    tonytutoria
    2022-04-10T08:34:37+00:00Added an answer on April 10, 2022 at 8:34 am

    Solution a1:

    Start working = 6700 + 6000 + 4200 = $16,900

    Solution a2:

    Last year: Overhead rate = 4200 / 6000 = 70%

    Current Year: (4500 + 3000) / (6000 + 4000) = 75%

    Solution b:

    Transaction Account Title Debit Credit
    A Work in process inventory (6000 + 2500) 8500
      Stock of raw materials   8500
           
    B Work in process inventory (6000 + 4000) 10000  
      Factory wages   10000
           
    C Work in process inventory (4500 + 3000) 7500  
      Manufacturing is overehad   7500
           
    D Finished goods inventory 42900  
      Invent your own process   42900
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