Exercise 16-3 A job order cost sheet for Ryan Company is shown below. Job No. 92

Question

Exercise 16-3 A job order cost sheet for Ryan Company is shown below. Job No. 92 For 2,000 Units Direct Direct Manufacturing Date Materials Labor Overhead Beg. bal. Jan. 1 6,000 6,700 4,690 6,700 12 25 27 9,600 8,160 2,500 3,600 15,200 19,900 3,060 15,910 Cost of completed job: $15,200 19,900 15,910 $51,010 $25.51 Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($51,010 ÷ 2,000) (a) On the basis of the foregoing data, answer the following questions. (1) What was the balance in Work in Process Inventory on January if this was the only unfinished job?

Explanation / Answer

a.

1. Balance in Work in process Inventory on Jan 1 = Direct materials + Direct labor + Manufacturing overhead

= $6000 + 6700 + 4690 = $17390

2.

b.

Last year Current year Overhead rate $4690/6700
= 70% $8160/9600
= 85%

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