please explain in steps Analyze a job cost sheet and prepare entries for manufacturing costs.E3.19 (LO 2, 3, 4, 5) A job cost sheet for Rolen Company is shown below.Job No. 92For 2,000 UnitsDateDirectDirectLabourManufacturingOverheadMaterialsBeginning BalanceJanuary 1$ 3,925$ 6,000$ 4,20086,0008,5006,3752,0004,0003,00011,92518,50013,575Cost of completedjob:Direct materials$11,925Direct labour18,500Manufacturing13,575overheadTotal cost$44,000Unit cost ($44,000 = 2,000)22Instructionsa. On the basis of these data, answer the following questions:1. What was the balance in Work in Process Inventory on January 1 if this wasthe only unfinished job?2. If manufacturing overhead is applied on the basis of direct labour cost, whatoverhead rate was used in each year?b. Prepare summary entries at January 31 to record the current month's transactionspertaining to Job No. 92.122527

Journal entries show the recording of transactions during an accounting year and every transaction…

Instructions a. On the basis of these 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 labour cost, what overhead rate was used in each year? b. Prepare summary entries at January 31 to record the current month's transactions pertaining to Job No. 92.

Instructions a. On the basis of these 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 labour cost, what overhead rate was used in each year? b. Prepare summary entries at January 31 to record the current month's transactions pertaining to Job No. 92.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 9EA: A new company started production. Job 10 was completed, and Job 20 remains in production. Here is...

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Inez has the following information relating to Job AA5. Direct material cost was $200,000, direct labor was $36,550, and overhead applied on the basis of direct labor hours was $73,100. What was the predetermined overhead rate using the labor rate of $17 per hour?
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Leen Production Co. uses the job order cost system of accounting. The following information wastaken from the company’s books after all posting had been completed at the end of May:Jobs Direct Materials Direct Labor Factory No. of unitsCompleted Cost Cost Overhead Completed1040 P 3,600 P 4,000 P 1,600 4001065 2,380 2,500 1,000 2401120 1,800 1,700 680 200Required:1. Compute the total production cost of each job.2. Prepare the journal entry to transfer the cost of jobs completed to Finished Goods.3. Compute the cost per unit for each job.4. Compute the selling price per unit for each job, assuming a mark-up percentage of 40%.5. Prepare the journal entries to record the sale on account of Job 1065.
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