Question

1. A job order cost sheet for Sheridan Company is as follows. Job No. 92 For...

1. A job order cost sheet for Sheridan Company is as follows.

Job No. 92

For 2,000 Units


Date

Direct
Materials

Direct
Labor

Manufacturing
Overhead

Beg. bal. Jan. 1

6,500

7,400

5,920

8

7,400

12

8,400

6,888

25

2,900

27

4,400

3,608

16,800

20,200

16,416

Cost of completed job:
   Direct materials $16,800
   Direct labor 20,200
   Manufacturing overhead 16,416
Total cost $53,416
Unit cost ($53,416 ÷ 2,000) $26.71



On the basis of this data, answer the following questions.

(a) 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 January 1 $enter the Balance in Work in Process Inventory on January 1 in dollars


(b) 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

enter overhead rate in percentages rounded to 0 decimal places

%

enter overhead rate in percentages rounded to 0 decimal places

%

2. In March, Sheridan Company completes its only two jobs in process, Jobs 10 and 11. Job 10 cost $26,600 and Job 11 $37,000. On March 31, Job 10 is sold.

Record the completion of the two jobs and the sale of Job 10. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Manufacturing Costs Work in Process Inventory Finished Goods Inventory Cost of Goods Sold
Raw Materials Inventory Factory Labor Manufacturing Overhead
Balance $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount
Completion of Jobs:
Job 10 enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount
Job 11 enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount
Job sold:
Job 10 enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount
   Balance $enter a total amount $enter a total amount $enter a total amount $enter a total amount $enter a total amount $enter a total amount



Homework Answers

Answer #1
  • Requirements asked

[1]

[a]

Balance in WIP on Jan 1

$19,820

[6500+7400+5920]

[b]

Overhead rate:

Last Year [$5920 / 7400]

80%

This Year [$6888 / 8400]

82%

[2]

Raw Material Inventory

Factory Labor

Manufacturing Overhead

WIP Inventory

FG Inventory

Cost of goods Sold

Balance

$63,600

Completion of Jobs:

Job 10

($26,600)

$26,600

Job 11

($37,000)

$37,000

Job Sold:

Job 10

($26,600)

$26,600

Balance

$0

$0

$0

$0

$37,000

$26,600

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