Additional Information a. Raw Materials Inventory has a March 31 balance of $85,200. b. Raw materials purchases in April are $513,000, and total factory payroll cost in April is $376,000. c. Actual overhead costs incurred in April are indirect materials, $53,250; indirect labor, $26,250; factory rent, $35,250; factory utilities, $22,250; and factory equipment depreciation, $54,250. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $648,000 cash in April.
Additional Information a. Raw Materials Inventory has a March 31 balance of $85,200. b. Raw materials purchases in April are $513,000, and total factory payroll cost in April is $376,000. c. Actual overhead costs incurred in April are indirect materials, $53,250; indirect labor, $26,250; factory rent, $35,250; factory utilities, $22,250; and factory equipment depreciation, $54,250. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $648,000 cash in April.
Additional Information a. Raw Materials Inventory has a March 31 balance of $85,200. b. Raw materials purchases in April are $513,000, and total factory payroll cost in April is $376,000. c. Actual overhead costs incurred in April are indirect materials, $53,250; indirect labor, $26,250; factory rent, $35,250; factory utilities, $22,250; and factory equipment depreciation, $54,250. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $648,000 cash in April.
Transcribed Image Text:> following information applies to the questions
layed below.]
co Company shows the following costs for three jobs
ked on in April.
lances on March 31
Direct materials used (in March)
Direct labor used (in March)
Overhead applied (March)
sts during April
Direct materials used
Direct labor used
Overhead applied
Status on April 30
Job 306
$ 34,200
25,200
15,200
Job 307
$ 40,200
23,200
14,200
148,000 233,000
90,200
163,000
?
?
Finished
(sold)
itional Information
aw Materials Inventory has a March 31 balance of
,200.
Finished
(unsold)
aw materials purchases in April are $513,000, and total
ory payroll cost in April is $376,000.
ctual overhead costs incurred in April are indirect
erials, $53,250; indirect labor, $26,250; factory rent,
,250; factory utilities, $22,250; and factory equipment
reciation, $54,250.
redetermined overhead rate is 50% of direct labor cost.
ob 306 is sold for $648,000 cash in April.
rials purchases (on credit).
t materials used.
t labor used (and paid in cash) and assigned to
Process Inventory.
ect materials used and assigned to Factory
ad.
ect labor used (and paid in cash) and assigned to
Overhead.
lead costs applied to Work in Process Inventory.
al other overhead costs incurred (Factory rent and
are paid in cash.)
ifer of Jobs 306 and 307 to Finished Goods
ry.
of goods sold for Job 306.
ue from the sale of Job 306 received in cash.
> underapplied or overapplied overhead to the
Goods Sold account.
are journal entries for the month of April to record
ve transactions.
Job 308
$ 113,000
118,000
In process
Transcribed Image Text:[The following information applies to the questions
displayed below.]
Marco Company shows the following costs for three jobs
worked on in April.
Balances on March 31
Direct materials used (in March)
Direct labor used (in March)
Overhead applied (March)
Costs during April
Direct materials used.
Direct labor used
Overhead applied
Status on April 30
Job 306
$ 34,200
25,200
15,200
148,000
90, 200
Finished
(sold)
Additional Information
a. Raw Materials Inventory has a March 31 balance of
$85,200.
a. Materials purchases (on credit).
b. Direct materials used.
Job 307
$ 40,200
23,200
14, 200
b. Raw materials purchases in April are $513,000, and total
factory payroll cost in April is $376,000.
Finished.
(unsold)
c. Actual overhead costs incurred in April are indirect
materials, $53,25 ; indirect labor, $26,250; factory rent,
$35,250; factory utilities, $22,250; and factory equipment
depreciation, $54,250.
$ 1
233,000
163,000 1
?
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $648,000 cash in April.
c. Direct labor used (and paid in cash) and assigned to
Work in Process Inventory.
d. Indirect materials used and assigned to Factory
Overhead.
e. Indirect labor used (and paid in cash) and assigned to
Factory Overhead.
f. Overhead costs applied to Work in Process Inventory.
g. Actual other overhead costs incurred (Factory rent and
utilities are paid in cash.)
h. Transfer of Jobs 306 and 307 to Finished Goods
Inventory.
i. Cost of goods sold for Job 306.
j. Revenue from the sale of Job 306 received in cash.
k. Close underapplied or overapplied overhead to the
Cost of Goods Sold account.
Jc
3. Prepare journal entries for the month of April to record
the above transactions.
In |
Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.
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![> following information applies to the questions
layed below.]
co Company shows the following costs for three jobs
ked on in April.
lances on March 31
Direct materials used (in March)
Direct labor used (in March)
Overhead applied (March)
sts during April
Direct materials used
Direct labor used
Overhead applied
Status on April 30
Job 306
$ 34,200
25,200
15,200
Job 307
$ 40,200
23,200
14,200
148,000 233,000
90,200
163,000
?
?
Finished
(sold)
itional Information
aw Materials Inventory has a March 31 balance of
,200.
Finished
(unsold)
aw materials purchases in April are $513,000, and total
ory payroll cost in April is $376,000.
ctual overhead costs incurred in April are indirect
erials, $53,250; indirect labor, $26,250; factory rent,
,250; factory utilities, $22,250; and factory equipment
reciation, $54,250.
redetermined overhead rate is 50% of direct labor cost.
ob 306 is sold for $648,000 cash in April.
rials purchases (on credit).
t materials used.
t labor used (and paid in cash) and assigned to
Process Inventory.
ect materials used and assigned to Factory
ad.
ect labor used (and paid in cash) and assigned to
Overhead.
lead costs applied to Work in Process Inventory.
al other overhead costs incurred (Factory rent and
are paid in cash.)
ifer of Jobs 306 and 307 to Finished Goods
ry.
of goods sold for Job 306.
ue from the sale of Job 306 received in cash.
> underapplied or overapplied overhead to the
Goods Sold account.
are journal entries for the month of April to record
ve transactions.
Job 308
$ 113,000
118,000
In process](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1cb759a7-d16a-4ef0-8098-341d0c918cfd%2F82c04b4f-fb9c-4236-a31a-5f6c61eca6b7%2Fd7yags_processed.jpeg&w=3840&q=75)
![[The following information applies to the questions
displayed below.]
Marco Company shows the following costs for three jobs
worked on in April.
Balances on March 31
Direct materials used (in March)
Direct labor used (in March)
Overhead applied (March)
Costs during April
Direct materials used.
Direct labor used
Overhead applied
Status on April 30
Job 306
$ 34,200
25,200
15,200
148,000
90, 200
Finished
(sold)
Additional Information
a. Raw Materials Inventory has a March 31 balance of
$85,200.
a. Materials purchases (on credit).
b. Direct materials used.
Job 307
$ 40,200
23,200
14, 200
b. Raw materials purchases in April are $513,000, and total
factory payroll cost in April is $376,000.
Finished.
(unsold)
c. Actual overhead costs incurred in April are indirect
materials, $53,25 ; indirect labor, $26,250; factory rent,
$35,250; factory utilities, $22,250; and factory equipment
depreciation, $54,250.
$ 1
233,000
163,000 1
?
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $648,000 cash in April.
c. Direct labor used (and paid in cash) and assigned to
Work in Process Inventory.
d. Indirect materials used and assigned to Factory
Overhead.
e. Indirect labor used (and paid in cash) and assigned to
Factory Overhead.
f. Overhead costs applied to Work in Process Inventory.
g. Actual other overhead costs incurred (Factory rent and
utilities are paid in cash.)
h. Transfer of Jobs 306 and 307 to Finished Goods
Inventory.
i. Cost of goods sold for Job 306.
j. Revenue from the sale of Job 306 received in cash.
k. Close underapplied or overapplied overhead to the
Cost of Goods Sold account.
Jc
3. Prepare journal entries for the month of April to record
the above transactions.
In |](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1cb759a7-d16a-4ef0-8098-341d0c918cfd%2F82c04b4f-fb9c-4236-a31a-5f6c61eca6b7%2Fiqccffg_processed.jpeg&w=3840&q=75)
