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Journal entry worksheet K 1 2 Transaction d. 3 Record the indirect materials used. Note: Enter debits before credits. Record entry 4 5 General Journal Factory overhead General and administrative expenses Clear entry 6 7 8 Debit 57,000 ..... Credit 11 57,000 View general journal

Journal entry worksheet K 1 2 Transaction d. 3 Record the indirect materials used. Note: Enter debits before credits. Record entry 4 5 General Journal Factory overhead General and administrative expenses Clear entry 6 7 8 Debit 57,000 ..... Credit 11 57,000 View general journal

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Journal entry worksheet < 1 2 Transaction d. 3 Record the indirect materials used. Note: Enter debits before credits. Record entry 4 LO 5 General Journal Factory overhead General and administrative expenses Clear entry (O) 6 7 8 Debit 57,000 Credit 11 57,000 View general journal >
Transcribed Image Text:Journal entry worksheet < 1 2 Transaction d. 3 Record the indirect materials used. Note: Enter debits before credits. Record entry 4 LO 5 General Journal Factory overhead General and administrative expenses Clear entry (O) 6 7 8 Debit 57,000 Credit 11 57,000 View general journal >
Marco Company shows the following costs for three jobs worked on in April. 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 Job 306 $ 31,000 23,000 11,500 132,000 104,000 Finished (sold) Job 307 $ 43,000 19,000 9,500 220,000 152,000 ? Finished (unsold) Job 308 $ 115,000 100,000 In process Additional Information a. Raw Materials Inventory has a March 31 balance of $82,000. b. Raw materials purchases in April are $590,000, and total factory payroll cost in April is $386,000. c. Actual overhead costs incurred in April are indirect materials, $57,000; indirect labor, $30,000; factory rent, $32,000; factory utilities, $20,000; and factory equipment depreciation, $52,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $685,000 cash in April.
Transcribed Image Text:Marco Company shows the following costs for three jobs worked on in April. 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 Job 306 $ 31,000 23,000 11,500 132,000 104,000 Finished (sold) Job 307 $ 43,000 19,000 9,500 220,000 152,000 ? Finished (unsold) Job 308 $ 115,000 100,000 In process Additional Information a. Raw Materials Inventory has a March 31 balance of $82,000. b. Raw materials purchases in April are $590,000, and total factory payroll cost in April is $386,000. c. Actual overhead costs incurred in April are indirect materials, $57,000; indirect labor, $30,000; factory rent, $32,000; factory utilities, $20,000; and factory equipment depreciation, $52,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $685,000 cash in April.
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