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Question: jub n8 429 is completed during the month instructions a...

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JUB N8. 429 is completed during the month. Instructions (a) Prepare summary journal entries to record (1) the requisition slips, (2) the time tickets, (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Job No. 429. (b) Post the entries to Work in Process Inventory, and prove the agreement of the cont rol account with the job cost sheets. (Use a Taccount.) E2-3 A job order cost sheet for Ryan Company is shown below. Ar Job No. 92 For 2,000 Units Direct Manufacturing Direct Date Materials Labor Overhead Beg. bal. Jan. 1 5,000 27 2,000 8,000 4,000 4,200 6,400 3,200 12 6000 6,000 25 18,000 13,800 Cost of completed job: Direct materials Direct labor Manufacturing overhead $13,000 18,000 13,800 $44,800 Total cost Unit cost ($44,800 2,000) $22.40 Instructions (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? (2) If manufacturing overhead is applied on the basis of direct labor cost, what over- head rate was used in each year? (b) Prepare summary entries at January 31 to record the current years transactions per- taining to Job No. 92.
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