5[The following information applies to the questionsdisplayed below.]Marco Company shows the following costs for three jobsworked on in April.MarchBalances on March 31Direct materials used (in March)Direct labor used (in March)Overhead applied (March)Costs during AprilDirect materials usedDirect labor usedOverhead appliedStatus on April 30Additional Informationa. Raw Materials Inventory has a March 31 balance of$85,200.Direct materialsDirect laborOverhead appliedWork in process, beginningAprilb. Raw materials purchases in April are $513,000, and totalfactory payroll cost in April is $376,000.c. Actual overhead costs incurred in April are indirectmaterials, $53,250; indirect labor, $26,250; factory rent,$35,250; factory utilities, $22,250; and factory equipmentdepreciation, $54,250.Direct materialsDirect laborOverhead appliedCosts added in AprilTotal costsStatus on April 30April 30 cost included in:$Job 306d. Predetermined overhead rate is 50% of direct labor cost.e. Job 306 is sold for $648,000 cash in April.2. Determine the total cost assigned to each job as of April30 (including the balances from March 31).Job 306$ 34,20025,20015,20034,20025,20015,200148,00090,200?Finished(sold)148,00090,200Finished (sold)Job 307$ 40,20023, 20014,200$Job 307Finished.(unsold)T233,000 $1163,000 1:?40,20023,20014,200233,000163,000Finished (unsold)JoIn p---- |||||M5M o the questionsig costs for three jobs:h)Job 306$ 34,20025,20015,200148,00090,200?Finished(sold)arch 31 balance of88888are $513,000, and total000.April are indirect26,250; factory rent,and factory equipmentJob 307$ 40,20023, 20014, 200$50% of direct labor cost.ih in April.Job 307Finished(unsold)ned to each job as of AprilMarch 31).233,000 $ 113,000163,000118,000??In processT40,20023,20014,200233,000163,000Finished (unsold)Job 308Job 308In process113,000118,000April Total494,000371,200

The total cost of a job is calculated as sum of the cost of beginning process and costs incurred…

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) Job 307 $ 40,200 23,200 14,200 Finished (unsold) 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. 233,000 $ 1 13 163,000 ? Jo d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $648,000 cash in April. In F

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) Job 307 $ 40,200 23,200 14,200 Finished (unsold) 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. 233,000 $ 1 13 163,000 ? Jo d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $648,000 cash in April. In F

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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CH Marco Company shows the following costs for three jobs worked on in April Balances on March 31 birect 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 Additional Information Job 305 Problem 2-2A (Algo) Part 4 $ 37,880 28.000 18.880 155 800 93,000 A (sold) 306 387 $ 48,000 4 Fontshed Job 388 1 128.000 125,000 a. Raw Materials Inventory has a March 31 balance of $88,000. b. Raw materials purchases in April are $520.000, and total factory payroll cost in April is $333,000. c. Actual overhead costs incurred in April are indirect materials, $55.000; indirect labor, $28,000; factory factory utilities, $24.000, and factory equipment depreciation, $56.000. d. Predetermined overhead rate is 50% of direct lacor cost. e. Job 306 is sold for $655,000 cash in April. In process 4. Prepare a schedule of cost of goods manufactured for the month ended April 30.
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