Cecconi Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 $ 31,200 $ 38,300 22,200 11,100 19, 100 9,550 Balances on March 31 Direct materials (in March) Direct labor (in March) Applied overhead (March) Costs during April Direct materials Direct labor Applied overhead Status on April 30 Additional Information Requirement a. Raw Materials Inventory has a March 31 balance of $85,500. b. Raw materials purchases in April are $502,200, and total factory payroll cost in April is $375,100. c. Actual overhead costs incurred in April are indirect materials, $51,100; indirect labor, $24,100; factory rent, $33,100; factory utilities, $20,100; and factory equipment depreciation, $53,200. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $620,000 cash in April. View transaction list Complete this question by entering your answers in the tabs below. General Journal General Ledger Prepare journal entries for the month of April's transactions. Journal entry worksheet < 2 137,200 89,400 ? Finished (sold) Note: Enter debits before credits. Date April 30 4 223,300 $ 101,100 155,500 106,100 Trial Balance Finished goods inventory Work in process inventory Finished (unsold) Account Title 6 Job Costs h. Record the transfer of Jobs 306 and 307 to Finished Goods Inventory. In process 8 Debit Cost of Goods Mfg Credit 11 Gross Profit
Cecconi Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 $ 31,200 $ 38,300 22,200 11,100 19, 100 9,550 Balances on March 31 Direct materials (in March) Direct labor (in March) Applied overhead (March) Costs during April Direct materials Direct labor Applied overhead Status on April 30 Additional Information Requirement a. Raw Materials Inventory has a March 31 balance of $85,500. b. Raw materials purchases in April are $502,200, and total factory payroll cost in April is $375,100. c. Actual overhead costs incurred in April are indirect materials, $51,100; indirect labor, $24,100; factory rent, $33,100; factory utilities, $20,100; and factory equipment depreciation, $53,200. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $620,000 cash in April. View transaction list Complete this question by entering your answers in the tabs below. General Journal General Ledger Prepare journal entries for the month of April's transactions. Journal entry worksheet < 2 137,200 89,400 ? Finished (sold) Note: Enter debits before credits. Date April 30 4 223,300 $ 101,100 155,500 106,100 Trial Balance Finished goods inventory Work in process inventory Finished (unsold) Account Title 6 Job Costs h. Record the transfer of Jobs 306 and 307 to Finished Goods Inventory. In process 8 Debit Cost of Goods Mfg Credit 11 Gross Profit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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Cecconi Company shows the following costs for three jobs worked on in April.
Balances on March 31
Direct materials (in March)
Direct labor (in March)
Applied overhead (March)
Costs during April
Direct materials
Direct labor
Applied overhead
Status on April 30
Additional Information
Requirement
General
Journal
View transaction list
Journal entry
worksheet
<
General
Ledger
Prepare journal entries for the month of April's transactions.
a. Raw Materials Inventory has a March 31 balance of $85,500.
b. Raw materials purchases in April are $502,200, and total factory payroll cost in April is $375,100.
c. Actual overhead costs incurred in April are indirect materials, $51,100; indirect labor, $24,100; factory rent, $33,100; factory
utilities, $20,100; and factory equipment depreciation, $53,200.
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $620,000 cash in April.
2
Date
April 30
Complete this question by entering your answers in the tabs below.
3
Note: Enter debits before credits.
Job 306
$ 31,200
22,200
11,100
4
137,200
89,400
Finished
(sold)
5
Finished goods inventory
Work in process inventory
Trial Balance
Job 307
$ 38,300
19, 100
9,550
Account Title
223,300
155,500
Finished
(unsold)
6
Job Costs
Job 308
7
$ 101,100
106,100
h. Record the transfer of Jobs 306 and 307 to Finished Goods Inventory.
In process
Debit
Cost of Goods
Mfg
Credit
11
Gross Profit
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