Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used i Direct labor used Overhead applied Status on April 30 March Direct materials Direct labor Overhead applied Work in process, beginning Apri Direct materials Direct labor Overhead applied Costs added in April Total costs d. Predetermined overhead rate is 50% of direct labor cost e. Job 306 is sold for $644,000 cash in April $ Additional Information a Raw Materials Inventory has a March 31 balance of $83,600, b. Raw materials purchases in April are $509,000, and total factory payroll cost in April is $372,000 c. Actual overhead costs incurred in April are indirect materials, $52,250, indirect labor, $25,250, factory rent, $34,250, factory utilities, $21,250, and factory equipment depreciation, $53,250 Job 306 Job 306 2. Determine the total cost assigned to each job as of April 30 (including the balances from March 31) 32.600 23,600 13,600 $ 32,600 23,600 13,600 144,000 88,600 144,000 80,600 > Finished (sold) 232,600 Job 307 $38,600 21,600 12,600 229,000 159,000 7 Finished (unsold) $ Job 307 30,600 21,600 12,600 Job 300 229,000 159.000 $ 109,000 114,000 In process 308,000 Job 305 109,000 114.000 223.000 April Total S 0 482.000 361,600 0 843,600 0 3
Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used i Direct labor used Overhead applied Status on April 30 March Direct materials Direct labor Overhead applied Work in process, beginning Apri Direct materials Direct labor Overhead applied Costs added in April Total costs d. Predetermined overhead rate is 50% of direct labor cost e. Job 306 is sold for $644,000 cash in April $ Additional Information a Raw Materials Inventory has a March 31 balance of $83,600, b. Raw materials purchases in April are $509,000, and total factory payroll cost in April is $372,000 c. Actual overhead costs incurred in April are indirect materials, $52,250, indirect labor, $25,250, factory rent, $34,250, factory utilities, $21,250, and factory equipment depreciation, $53,250 Job 306 Job 306 2. Determine the total cost assigned to each job as of April 30 (including the balances from March 31) 32.600 23,600 13,600 $ 32,600 23,600 13,600 144,000 88,600 144,000 80,600 > Finished (sold) 232,600 Job 307 $38,600 21,600 12,600 229,000 159,000 7 Finished (unsold) $ Job 307 30,600 21,600 12,600 Job 300 229,000 159.000 $ 109,000 114,000 In process 308,000 Job 305 109,000 114.000 223.000 April Total S 0 482.000 361,600 0 843,600 0 3
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Standard Costing
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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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
March
Direct materials
Direct labor
Overhead applied
Work in process, beginning
April
d. Predetermined overhead rate is 50% of direct labor cost
e Job 306 is sold for $644,000 cash in April
Direct materials
Direct labor
Overhead applied
Costs added in April
Total costs
$
Job 306
Job 306
$ 32,600
23,600
13,600
Additional Information
a. Raw Materials Inventory has a March 31 balance of $83,600
b. Raw materials purchases in April are $509,000, and total factory payroll cost in April is $372,000.
c. Actual overhead costs incurred in April are indirect materials, $52,250, indirect labor, $25,250, factory rent
$34,250, factory utilities, $21,250, and factory equipment depreciation, $53,250.
32,600
23,600
13,600
2. Determine the total cost assigned to each job as of April 30 (including the balances from March 31)
144,000
88,600
144,000
88,600
Finished
(sold)
232.600
$
S
Job 307
$38,600
21,600
12,600
229,000
159,000
2
Finished
(unsold)
Job 307
38,600
21,600
12,600
Job 300
229,000
159.000
$ 109,000
114,000
388,000
In process
Job 308
109,000
114,000
223.000
April Total
S
S
0
402,000
361,600
0
843,600
0
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