Concord Company produces high-quality microscopes for education and health care uses. The company uses a job order costing system. Because the microscopes' optics require significant manual labor to ensure adherence to strict manufacturing specifications, the company applies overhead on the basis of direct labor hours. At the beginning of 2021, the company estimated its manufacturing overhead would be $1,960,000 and that employees would work a total of 49,000 direct labor hours. During March, the company worked on the following five jobs: Direct Materials Direct Labor Direct Labor Hours Beginning added during added during added during Job Balance March March March 134 $120,600 $3,000 $6,400 120 158 118,450 2,500 12,160 300 212 17,800 88,400 36,650 3,250 287 35,350 71,800 35,850 2,700 301 18,990 21,845 1,400 Total $292,200 $184,690 $112,905 7,770 Jobs 134 and 158 were started in January, Jobs 212 and 287 were started in February, and Job 301 was started in March. During March, workers completed Jobs 134, 158, and 212. Jobs 134 and 212 were delivered to customers during March. Actual overhead for the month of March was $176,300. The manufacturing overhead account is disposed of annually, not monthly.
Concord Company produces high-quality microscopes for education and health care uses. The company uses a job order costing system. Because the microscopes' optics require significant manual labor to ensure adherence to strict manufacturing specifications, the company applies overhead on the basis of direct labor hours. At the beginning of 2021, the company estimated its manufacturing overhead would be $1,960,000 and that employees would work a total of 49,000 direct labor hours. During March, the company worked on the following five jobs: Direct Materials Direct Labor Direct Labor Hours Beginning added during added during added during Job Balance March March March 134 $120,600 $3,000 $6,400 120 158 118,450 2,500 12,160 300 212 17,800 88,400 36,650 3,250 287 35,350 71,800 35,850 2,700 301 18,990 21,845 1,400 Total $292,200 $184,690 $112,905 7,770 Jobs 134 and 158 were started in January, Jobs 212 and 287 were started in February, and Job 301 was started in March. During March, workers completed Jobs 134, 158, and 212. Jobs 134 and 212 were delivered to customers during March. Actual overhead for the month of March was $176,300. The manufacturing overhead account is disposed of annually, not monthly.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please help me find this answer
Transcribed Image Text:Concord Company produces high-quality microscopes for education and health care uses. The company uses a job order costing
system. Because the microscopes' optics require significant manual labor to ensure adherence to strict manufacturing
specifications, the company applies overhead on the basis of direct labor hours. At the beginning of 2021, the company estimated its
manufacturing overhead would be $1,960,000 and that employees would work a total of 49,000 direct labor hours. During March,
the company worked on the following five jobs:
Direct Labor
added during
Direct Materials
Direct Labor Hours
Beginning
added during
added during
Job
Balance
March
March
March
134
$120,600
$3,000
$6,400
120
158
118,450
2,500
12,160
300
212
17,800
88,400
36,650
3,250
287
35,350
71,800
35,850
2,700
301
18,990
21,845
1,400
Total
$292,200
$184,690
$112,905
7,770
Jobs 134 and 158 were started in January, Jobs 212 and 287 were started in February, and Job 301 was started in March. During
March, workers completed Jobs 134, 158, and 212. Jobs 134 and 212 were delivered to customers during March.
Actual overhead for the month of March was $176,300. The manufacturing overhead account is disposed of annually, not monthly.
Transcribed Image Text:X Your answer is incorrect.
Calculate the balance in the Finished Goods Inventory account as of March 31.
Finished Goods Inventory account as of March 31
$
145100
eTextbook and Media
%24
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education