Required:1. Determine the total of each production cost incurred for April (direct labor, directmaterials, and applied overhead), and the total cost assigned to each job (includingthe balances from March 31).From MarchDirect MaterialsDirect LaborApplied overheadBeginning goods in processFor AprilDirect MaterialsDirect LaborApplied overheadTotal costs added in AprilTotal costs (April 30)Status on April 30April 30 cost included in:Job 30612,000 $12,0004,80095,00045,000Finished (sold)Job 30713,00010,0004,000170,00047,000Finished (unsold)Job 308In process75,000130,000April Total$25,00022,0008,800340,000222,000 !Required information[The following information applies to the questions displayed below.]Ciolino Co.'s March 31 inventory of raw materials is $160,000. Raw materials purchases inApril are $480,000, and factory payroll cost in April is $236,000. Overhead costsincurred in April are: indirect materials, $24,000; indirect labor, $14,000; factory rent,$22,000; factory utilities, $11,000; and factory equipment depreciation, $22,400. Thepredetermined overhead rate is 40% of direct labor cost. Job 306 is sold for $360,000cash in April. Costs of the three jobs worked on in April follow.Job 306Balances on March 31Direct materialsDirect laborApplied overheadCosts during AprilDirect materialsDirect laborApplied overheadStatus on April 30$ 12,00012,0004,80095,00045,000?Finished (sold)Job 307$ 13,00010,0004,000170,00047,000?Finished(unsold)Job 308$ 75,000130,000?In process

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Description: Required:1. Determine the total of each production cost incurred for April (direct labor, directmaterials, and applied overhead), and the total cost assigned to each job (includingthe balances from March 31).From MarchDirect MaterialsDirect LaborApp

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1. Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total cost assigned to each job (including the balances from March 31). From March Direct Materials Direct Labor Applied overhead Beginning goods in process For April Direct Materials Direct Labor Applied overhead Total costs added in April Total costs (April 30) Status on April 30 April 30 cost included in: $ Job 306 12,000 $ 12,000 4,800 95,000 45,000 Finished (sold) Job 307 13,000 10,000 4,000 170,000 47,000 Finished (unsold) Job 308 In process 75,000 130,000 April Total $ 25,000 22,000 8,800 340,000 222,000

1. Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total cost assigned to each job (including the balances from March 31). From March Direct Materials Direct Labor Applied overhead Beginning goods in process For April Direct Materials Direct Labor Applied overhead Total costs added in April Total costs (April 30) Status on April 30 April 30 cost included in: $ Job 306 12,000 $ 12,000 4,800 95,000 45,000 Finished (sold) Job 307 13,000 10,000 4,000 170,000 47,000 Finished (unsold) Job 308 In process 75,000 130,000 April Total $ 25,000 22,000 8,800 340,000 222,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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