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Marco Company shows Job 306 Job 307 Job 308 Balances on March 31 Direct materials used (in March) Direct labor used (in March) $29,000 20,000 $ 35,000 18,000 Costs during April Overhead applied (March) Direct materials used Direct labor used Overhead applied 10,000 9,000 135,000 85,000 ? 220,000 150,000 ? $ 100,000 105,000 ? Finished Status on April 30 Additional Information (sold) Finished (unsold) In process a. Raw Materials Inventory has a March 31 balance of $80,000. b. Raw materials purchases in April are $500,000, and total factory payroll cost in April is $363,000. c. Actual overhead costs incurred in April are indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000; factory utilities, $19,000; and factory equipment depreciation, $51,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $635,000 cash in April.

Marco Company shows Job 306 Job 307 Job 308 Balances on March 31 Direct materials used (in March) Direct labor used (in March) $29,000 20,000 $ 35,000 18,000 Costs during April Overhead applied (March) Direct materials used Direct labor used Overhead applied 10,000 9,000 135,000 85,000 ? 220,000 150,000 ? $ 100,000 105,000 ? Finished Status on April 30 Additional Information (sold) Finished (unsold) In process a. Raw Materials Inventory has a March 31 balance of $80,000. b. Raw materials purchases in April are $500,000, and total factory payroll cost in April is $363,000. c. Actual overhead costs incurred in April are indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000; factory utilities, $19,000; and factory equipment depreciation, $51,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $635,000 cash in April.

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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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 Additional Information Job 306 Job 307 Job 308 $29,000 $35,000 20,000 10,000 18,000 9,000 135,000 85,000 ? Finished 220,000 150,000 ? $ 100,000 105,000 ? (sold) Finished (unsold) In process a. Raw Materials Inventory has a March 31 balance of $80,000. b. Raw materials purchases in April are $500,000, and total factory payroll cost in April is $363,000. c. Actual overhead costs incurred in April are indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000; factory utilities, $19,000; and factory equipment depreciation, $51,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $635,000 cash in April. 4. Prepare a schedule of cost of goods manufactured for the month ended April 30. MARCO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs Total cost of work in process Cost of goods manufactured 0 0 $ 0
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 Additional Information Job 306 Job 307 Job 308 $29,000 $35,000 20,000 10,000 18,000 9,000 135,000 85,000 ? Finished 220,000 150,000 ? $ 100,000 105,000 ? (sold) Finished (unsold) In process a. Raw Materials Inventory has a March 31 balance of $80,000. b. Raw materials purchases in April are $500,000, and total factory payroll cost in April is $363,000. c. Actual overhead costs incurred in April are indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000; factory utilities, $19,000; and factory equipment depreciation, $51,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $635,000 cash in April. 4. Prepare a schedule of cost of goods manufactured for the month ended April 30. MARCO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs Total cost of work in process Cost of goods manufactured 0 0 $ 0
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