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
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Question
Please help me on this question with a full explanation.
Transcribed Image Text:X Your answer is incorrect.
Calculate the cost of goods manufactured for March.
Cost of Goods Manufactured
552750
eTextbook and Media
X Your answer is incorrect.
Calculate the balance in the Work in Process Inventory account as of March 31.
Work in Process Account as of March 31
$
333830
eTextbook and Media
%24
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.
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