20 accounting questions
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A job order cost sheet for Cullumber Company is shown below.
Job No. 92 For 2,000 Units
Date
Direct Materials
Direct Labor
Manufacturing
Overhead
Beg. bal. Jan. 1 5,900 7,000 4,900
8 7,000
12 8,000 6,000
25 2,400
27 4,000 3,000
15,300 19,000 13,900
Cost of completed job:
Direct materials $15,300
221 Exam 2 Ch 19-21
Question 12 of 20 - / 7.5
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Direct labor 19,000
Manufacturing overhead 13,900
Total cost $48,200
Unit cost ($48,200 ÷ 2,000) $24.10
(a) On the basis of this data, answer the following questions.
(1) What was the balance in Work in Process Inventory on January 1 if this was the only un�nished 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? (Round answers to 0 decimal places, e.g. 55%.)
Last year Current year
Overhead rate % %
(b) Prepare summary entries at January 31 to record the current year’s transactions pertaining to Job No. 92. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date Account Titles and Explanation Debit Credit
221 Exam 2 Ch 19-21
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Jan. 31
(To record raw materials used)
31
(To record factory labor used)
31
(To record manufacturing overhead)
31
(To record job completed)
eTextbook and Media
List of Accounts
221 Exam 2 Ch 19-21
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221 Exam 2 Ch 19-21
Question 12 of 20 - / 7.5
