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 $ 27,000 20,000 10,000 135,000 105,000- 2 Finished (sold) Job 307 $ 39,000 18,000 9,000 210,000 150,000 2 Finished (unsold) Job 308 $ 105,000 102,000 ? In process Additional Information a. Raw Materials Inventory has a March 31 balance of $81,000. b. Raw materials purchases in April are $520,000, and total factory payroll cost in April is $379,000. c. Actual overhead costs incurred in April are indirect materials, $52,000; indirect labor, $22,000; factory rent, factory utilities $30.000
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 $ 27,000 20,000 10,000 135,000 105,000- 2 Finished (sold) Job 307 $ 39,000 18,000 9,000 210,000 150,000 2 Finished (unsold) Job 308 $ 105,000 102,000 ? In process Additional Information a. Raw Materials Inventory has a March 31 balance of $81,000. b. Raw materials purchases in April are $520,000, and total factory payroll cost in April is $379,000. c. Actual overhead costs incurred in April are indirect materials, $52,000; indirect labor, $22,000; factory rent, factory utilities $30.000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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
$ 27,000
20,000
10,000
135,000
105,000-
Finished
(sold)
Job 307
$ 39,000
18,000
9,000
210,000
150,000
2
Finished
(unsold)
$ 105,000
102,000
7
In process
Additional Information
a. Raw Materials Inventory has a March 31 balance of $81,000.
b. Raw materials purchases in April are $520,000, and total factory payroll cost in April is $379,000.
c. Actual overhead costs incurred in April are indirect materials, $52,000; indirect labor, $22,000; factory rent, $31,000;
factory utilities, $24,000; and factory equipment depreciation, $55,000.
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $650,000 cash in April.
a. Materials purchases (on credit).
b. Direct materials used.
c. Direct labor used (and paid in cash) and assigned to Work in Process Inventory.
d. Indirect materials used and assigned to Factory Overhead.
Job 308
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.
3. Prepare journal entries for the month of April to record the above transactions.
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