1 eBook Ask Print References GL0201 (Algo) - Based on Problem 2-2A LO P1, P2, P3, P4 Richards Company shows the following costs for three jobs worked on in April. Balances on March 31 Direct materials (in March) Direct labor (in March) Applied overhead (March) Costs during April Direct materials. Direct labor Applied overhead Status on April 30 Additional Information General Journal Requirement Job 306 $ 32,600 23,600 11,800 138,600 92,200 ? Direct materials used Direct labor used Finished (sold) Factory overhead applied Cost of goods sold Total manufacturing costs added during April Add: Beginning work in process inventory Total cost of work in process Less: Ending work in process inventory a. Raw Materials Inventory has a March 31 balance of $89,000. b. Raw materials purchases in April are $503,600, and total factory payroll cost in April is $382,800. Job 307 RICHARDS COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 $ $ 40,400 19,800 9,900 c. Actual overhead costs incurred in April are indirect materials, $51,800; indirect labor, $24,800; factory rent, $33,800; factory utilities, $20,800; and factory equipment depreciation, $54,600. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $630,000 cash in April. Complete this question by entering your answers in the tabs below. 225,400 159,000 ? Finished (unsold). General Ledger Prepare a schedule of cost of goods manufactured for Richards Company for the month of April. 40,400 112,800 56,400 338,400 Job 308 $ 101,800 106,800 ? In process Trial Balance Job Costs Cost of Goods Mfg $ 548,000 Check my work Gross Profit
1 eBook Ask Print References GL0201 (Algo) - Based on Problem 2-2A LO P1, P2, P3, P4 Richards Company shows the following costs for three jobs worked on in April. Balances on March 31 Direct materials (in March) Direct labor (in March) Applied overhead (March) Costs during April Direct materials. Direct labor Applied overhead Status on April 30 Additional Information General Journal Requirement Job 306 $ 32,600 23,600 11,800 138,600 92,200 ? Direct materials used Direct labor used Finished (sold) Factory overhead applied Cost of goods sold Total manufacturing costs added during April Add: Beginning work in process inventory Total cost of work in process Less: Ending work in process inventory a. Raw Materials Inventory has a March 31 balance of $89,000. b. Raw materials purchases in April are $503,600, and total factory payroll cost in April is $382,800. Job 307 RICHARDS COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 $ $ 40,400 19,800 9,900 c. Actual overhead costs incurred in April are indirect materials, $51,800; indirect labor, $24,800; factory rent, $33,800; factory utilities, $20,800; and factory equipment depreciation, $54,600. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $630,000 cash in April. Complete this question by entering your answers in the tabs below. 225,400 159,000 ? Finished (unsold). General Ledger Prepare a schedule of cost of goods manufactured for Richards Company for the month of April. 40,400 112,800 56,400 338,400 Job 308 $ 101,800 106,800 ? In process Trial Balance Job Costs Cost of Goods Mfg $ 548,000 Check my work Gross Profit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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GL0201 (Algo) - Based on Problem 2-2A LO P1, P2, P3, P4
Richards Company shows the following costs for three jobs worked on in April.
Balances on March 31
Direct materials (in March)
Direct labor (in March)
Applied overhead (March)
Costs during April
Direct materials
Direct labor
Applied overhead
Status on April 30
Additional Information
Job 306
General
Journal
Requirement
$ 32,600
23,600
11,800
138,600
92,200
?
Finished
(sold)
Direct materials used
Direct labor used
Factory overhead applied
Cost of goods sold
Total manufacturing costs added during April
Add: Beginning work in process inventory
Total cost of work in process
Less: Ending work in process inventory
Job 307
a. Raw Materials Inventory has a March 31 balance of $89,000.
b. Raw materials purchases in April are $503,600, and total factory payroll cost in April is $382,800.
c. Actual overhead costs incurred in April are indirect materials, $51,800; indirect labor, $24,800; factory rent, $33,800;
factory utilities, $20,800; and factory equipment depreciation, $54,600.
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $630,000 cash in April.
Complete this question by entering your answers in the tabs below.
RICHARDS COMPANY
Schedule of Cost of Goods Manufactured
For Month Ended April 30
$
$ 40,400
19,800
9,900
225,400
159,000
?
Finished.
(unsold)
40,400
112,800
56,400
338,400
General
Ledger
Prepare a schedule of cost of goods manufactured for Richards Company for the month of April.
Trial Balance Job Costs
<Job Costs
Job 308
$ 101,800
106,800
?
In process
$
Cost of Goods
Mfg
548,000
Gross Profit >
Check my work
Gross Profit
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