Coronado 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: Job   Beginning Balance   Direct Materials added during March   Direct Labor added during March   Direct Labor Hours added during March   134   $120,600   $6,000   $9,400   140   158   125,450   3,500   12,160   450   212   21,800   88,400   36,650   3,500   287   36,350   71,800   31,850   2,550   301       18,990   21,845   1,400   Total   $304,200   $188,690   $111,905   8,040   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.   Calculate the balance in the Work in Process Inventory account as of March 31. Work in Process Account as of March 31   $enter the work in process account as of March 31 in dollars

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Coronado 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:

Job   Beginning
Balance
  Direct Materials
added during
March
  Direct Labor
added during
March
  Direct Labor Hours
added during
March
 
134
  $120,600   $6,000   $9,400   140  
158
  125,450   3,500   12,160   450  
212
  21,800   88,400   36,650   3,500  
287
  36,350   71,800   31,850   2,550  
301
      18,990   21,845   1,400  
Total
  $304,200   $188,690   $111,905   8,040  


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.

 

Calculate the balance in the Work in Process Inventory account as of March 31.

Work in Process Account as of March 31   $enter the work in process account as of March 31 in dollars 
Coronado 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
$6,000
$9,400
140
158
125,450
3,500
12,160
450
212
21,800
88,400
36,650
3,500
287
36,350
71,800
31,850
2,550
301
18,990
21,845
1,400
Total
$304,200
$188,690
$111,905
8,040
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:Coronado 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 $6,000 $9,400 140 158 125,450 3,500 12,160 450 212 21,800 88,400 36,650 3,500 287 36,350 71,800 31,850 2,550 301 18,990 21,845 1,400 Total $304,200 $188,690 $111,905 8,040 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.
Calculate the balance in the Work in Process Inventory account as of March 31.
Work in Process Account as of March 31
$
%24
Transcribed Image Text:Calculate the balance in the Work in Process Inventory account as of March 31. Work in Process Account as of March 31 $ %24
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