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what was the balance in work in process inventory on january 1 if this was the only 608784

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

Job No. 92 For 2,000 Units

Date

Direct
Materials

Direct
Labor

Manufacturing
Overhead

Beg. bal. Jan. 1

5,000

6,000

5,100

8

6,000

12

8,000

6,400

25

2,000

27

4,000

3,200

13,000

18,000

14,700

Cost of completed job:

Direct materials

$13,000

Direct labor

18,000

Manufacturing overhead

14,700

Total cost

$45,700

Unit cost ($45,700 + 2,000)

$22.85

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 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.

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