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 $ 29,000 20,000 10,000 135,000 85,000 ? Finished (sold) Job 307 $ 35,000 18,000 9,000 220,000 150,000 ? Finished (unsold) d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $635,000 cash in April. Job 308 Additional Information a. Raw Materials Inventory has a March 31 balance of $80,000. b. Raw materials purchases in April are $500,000, and total factory payroll cost in April is $363,000. $ 100,000 105,000 ? In process c. Actual overhead costs incurred in April are indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000 factory utilities, $19,000; and factory equipment depreciation, $51,000. e. Indirect labor used (and paid in cash) and assigned to Factory Overhead. f. Overhead costs applied to Work in Process Inventory. 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. 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.
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 $ 29,000 20,000 10,000 135,000 85,000 ? Finished (sold) Job 307 $ 35,000 18,000 9,000 220,000 150,000 ? Finished (unsold) d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $635,000 cash in April. Job 308 Additional Information a. Raw Materials Inventory has a March 31 balance of $80,000. b. Raw materials purchases in April are $500,000, and total factory payroll cost in April is $363,000. $ 100,000 105,000 ? In process c. Actual overhead costs incurred in April are indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000 factory utilities, $19,000; and factory equipment depreciation, $51,000. e. Indirect labor used (and paid in cash) and assigned to Factory Overhead. f. Overhead costs applied to Work in Process Inventory. 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. 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.
Cornerstones of Cost Management (Cornerstones Series)
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Chapter5: Product And Service Costing: Job-order System
Section: Chapter Questions
Problem 17E: During August, Skyler Company worked on three jobs. Data relating to these three jobs follow:...
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The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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please help with d,e,f,g
Transcribed Image Text:Marco Company shows the following costs for three jobs worked on in April.
Job 306
Job 307
$ 35,000
$ 29,000
20,000
10,000
18,000
9,000
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
135,000
85,000
?
Finished
(sold)
a. Materials purchases (on credit).
b. Direct materials used.
220,000
150,000
?
Finished
(unsold)
Job 308
$ 100,000
105,000
?
In process
Additional Information
a. Raw Materials Inventory has a March 31 balance of $80,000.
b. Raw materials purchases in April are $500,000, and total factory payroll cost in April is $363,000.
c. Actual overhead costs incurred in April are indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000
factory utilities, $19,000; and factory equipment depreciation, $51,000.
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $635,000 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.
3. Prepare journal entries for the month of April to record the above transactions.
Transcribed Image Text:Journal entry worksheet
1 ... 4
Note: Enter debits before credits.
5
Transaction
k.
6 7 8 9 10
Record the entry to close underapplied or overapplied overhead to the Cost of
Goods Sold account.
General Journal
11
Debit
Credit
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