Any help please? A job order cost sheet for Lowry Company is shown below Job No.

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Any help please?

A job order cost sheet for Lowry Company is shown below Job No. 92 For 2,000 Units DirectDirect Manufacturing Overhead Materials Labor 6,200 6,100 9,300 4,900 Date Beg. bal. Jan 4,636 6,100 12 25 27 7,533 2,700 3,969 16,138 15,000 20,300 Cost of comp leted job: $15,000 20,300 16,138 Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($51,438/2,000) $25.72 (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 January1

Explanation / Answer

Details Direct Materials Direct Labor Manufacturing OH Total Beginning WIP Jan 1.          6,200.00      6,100.00         4,636.00        16,936.00          1.00 So beginning WIP on Jan 1 = $   16,936.00 Direct Labor Manufacturing OH Manufacturing OHAs % of Direct Labor Last Year          6,100.00      4,636.00 76.00% This Year       14,200.00    11,502.00 81.00% Journal Entries for current Year Date Account Title Dr $ Cr $ Jan 31. WIP -Job 92          8,800.00 Direct Materials Inventory      8,800.00 Jan 31. WIP -Job 92       14,200.00 Wages Payable    14,200.00 Jan 31. WIP -Job 92       11,502.00 Manufacturing Overhead A/C    11,502.00 Jan 31. WIP -Job 92    51,438.00 Finished Goods Inventory       51,438.00

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