[The following information applies to the questionsdisplayed below.]Marco Company shows the following costs for three jobsworked on in April.Balances on March 31Direct materials used (in March).Direct labor used (in March)Overhead applied (March)Costs during AprilDirect materials usedDirect labor used.Overhead appliedStatus on April 30Additional Informationa. Raw Materials Inventory has a March 31 balance of$85,200.Job 306MARCO COMPANYSchedule of Cost of Goods ManufacturedFor Month Ended April 30$ 34,20025,20015,200nanufacturing costs148,00090, 200?Finished(sold)cost of work in processb. Raw materials purchases in April are $513,000, and totalfactory payroll cost in April is $376,000.c. Actual overhead costs incurred in April are indirectmaterials, $53,250; indirect labor, $26,250; factory rent,$35,250; factory utilities, $22,250; and factory equipmentdepreciation, $54,250.of goods manufacturedJob 307d. Predetermined overhead rate is 50% of direct labor cost.e. Job 306 is sold for $648,000 cash in April.$ 40,20023,20014, 200233,000163,000?Finished.(unsold)epare a schedule of cost of goods manufactured for theth ended April 30.Job 308$ 113,000118,00?In proces [The following information applies to the questionsdisplayed below.]Marco Company shows the following costs for three jobsworked on in April.Balances on March 31Direct materials used (in March)Direct labor used (in March)Overhead applied (March)Costs during AprilDirect materials usedDirect labor usedOverhead appliedStatus on April 30Additional Informationa. Raw Materials Inventory has a March 31 balance of$85,200.Job 306MARCO COMPANYSchedule of Cost of Goods ManufacturedFor Month Ended April 30$ 34,20025,20015,200Total manufacturing costs148,00090, 200?Finished(sold)b. Raw materials purchases in April are $513,000, and totalfactory payroll cost in April is $376,000.c. Actual overhead costs incurred in April are indirectmaterials, $53,250; indirect labor, $26,250; factory rent,$35,250; factory utilities, $22,250; and factory equipmentdepreciation, $54,250.Total cost of work in processCost of goods manufacturedJob 307$ 40,20023,20014,200d. Predetermined overhead rate is 50% of direct labor cost.e. Job 306 is sold for $648,000 cash in April.Finished(unsold)4. Prepare a schedule of cost of goods manufactured for themonth ended April 30.233,000 $163,000?J₁In

Name: [The following information applies to the questionsdisplayed below.]M
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: [The following information applies to the questionsdisplayed below.]Marco Company shows the following costs for three jobsworked on in April.Balances on March 31Direct materials used (in March).Direct labor used (in March)Overhead applied (March)Cos

The cost of goods manufactured is the total costs that are incurred to manufacture the goods that…

Business

Accounting

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 a. Raw Materials Inventory has a March 31 balance of $85,200. Job 306 MARCO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 $ 34,200 25,200 15,200 nanufacturing costs 148,000 90,200 ? Finished (sold) cost of work in process b. Raw materials purchases in April are $513,000, and total factory payroll cost in April is $376,000. c. Actual overhead costs incurred in April are indirect materials, $53,250; indirect labor, $26,250; factory rent, $35,250; factory utilities, $22,250; and factory equipment depreciation, $54,250. if goods manufactured Job 307 $ 40,200 23, 200 14,200 d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $648,000 cash in April. epare a schedule of cost of goods manufactured for the th ended April 30. Finished (unsold) 233,000 $ 113,000 163,000 118,00 ? ? In proces Job 308

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 a. Raw Materials Inventory has a March 31 balance of $85,200. Job 306 MARCO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 $ 34,200 25,200 15,200 nanufacturing costs 148,000 90,200 ? Finished (sold) cost of work in process b. Raw materials purchases in April are $513,000, and total factory payroll cost in April is $376,000. c. Actual overhead costs incurred in April are indirect materials, $53,250; indirect labor, $26,250; factory rent, $35,250; factory utilities, $22,250; and factory equipment depreciation, $54,250. if goods manufactured Job 307 $ 40,200 23, 200 14,200 d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $648,000 cash in April. epare a schedule of cost of goods manufactured for the th ended April 30. Finished (unsold) 233,000 $ 113,000 163,000 118,00 ? ? In proces Job 308

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Required information [The following information applies to the questions displayed below.] 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 Req 5A Req 5B Job 306 Inventories Raw materials Work in process Finished goods Total inventories $36,600 27,600 17,600 154,000 92,600 ? Finished (sold) a. Raw Materials Inventory has a March 31 balance of $87,600. b. Raw materials purchases in April are $519,000, and total factory payroll cost in April is $382,000. c. Actual overhead costs incurred in April are indirect materials, $54,750; indirect labor, $27,750; factory rent, $36,750; factory utilities, $23,750; and factory equipment depreciation, $55,750. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $654,000…
Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: a. Materials purchased on account, $770,000. b. Materials requisitioned, $680,000, of which $75,800 was for general factory use. c. Factory labor used, $756,000, of which $182,000 was indirect. d. Other costs incurred on account for factory overhead, $245,000; selling expenses, $171,500; and administrative expenses, $110,600. e. Prepaid expenses expired for factory overhead were $24,500; for selling expenses, $28,420; and for administrative expenses, $16,660. f. Depreciation of factory equipment was $49,500; of office equipment, $61,800; and of office building, $14,900. g. Factory overhead costs applied to jobs, $568,500. h. Jobs completed, $1,500,000. i. Cost of goods sold, $1,375,000. Required: Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it…
Entries and Schedules for Unfinished Jobs and Completed Jobs Tybee Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations: Materials purchased on account, $1,960. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $3,330 $2,800 302 4,060 3,780 303 2,700 1,850 304 9,120 6,940 305 5,790 5,290 306 4,230 3,360 For general factory use 1,130 4,140 Factory overhead costs incurred on account, $6,360. Depreciation of machinery and equipment, $1,990. The factory overhead rate is $75 per machine hour. Machine hours used: Job Machine Hours 301 25 302 24 303 38 304 68 305 27 306 44 Total 226 Jobs completed: 301, 302, 303, and 305. Jobs were shipped and customers were billed as follows: Job 301, $9,610; Job 302, $11,570; Job 303, $21,460. Required: 1. Journalize the entries…
Entries and schedules for unfinished jobs and completed jobs Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations: Materials purchased on account, $147,000. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $ 19,320 $19,500 102 $ 23,100 28,140 103 $ 13,440 14,000 104 $ 38,200 36,500 105 $ 18,050 15,540 106 $ 18,000 18,700 For general factory use $ 9,000 20,160 Factory overhead costs incurred on account, $6,000. Depreciation of machinery and equipment, $4,100. The factory overhead rate is $40 per machine hour. Machine hours used: Job No. Machine Hours 101 154 102 160 103 126 104 238 105 160 106 174 Total 1,012 Jobs completed: 101, 102, 103, and 105. Jobs were shipped, and customers were billed as follows: Job 101, $62,900; Job…
A manufacturer uses job-order costing. On January 1, the company's inventory balances were as follow Raw materials Work in process Finished goods $50,500 $25,000 $38,100 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate was based on a cost formula that estimated $470,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year: a. Raw materials were purchased on account, $592,000. b. Raw materials used in production, $557,000. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $442,000; indirect labor, $150,000; selling and administrative salaries, $295,000. d. Incurred various selling and administrative expenses (e.g, advertising, sales travel costs, and finished goods warehousing), $381,000 e. Incurred various additional…
Factory Overhead Costs During August, Carrothers Company incurred factory overhead costs as follows: indirect materials, $3,110; indirect labor, $5,660; utilities cost, $1,210; and factory depreciation, $4,040. Journalize the entry to record the factory overhead incurred during August. If an amount box does not require an entry, leave it blank. Factory Overhead Materials Wages Payable Utilities Payable Accumulated Depreciation-Factory
Factory Overhead Rate, Entry for Applying Factory Overhead, and Factory Overhead Account Balance The cost accountant for River Rock Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning February 1 would be $575,000, and total direct labor costs would be $460,000. During February, the actual direct labor cost totaled $40,000, and factory overhead cost incurred totaled $52,000. a. What is the predetermined factory overhead rate based on direct labor cost? Enter your answer as a whole percent not in decimals. % b. Journalize the entry to apply factory overhead to production for February. c. What is the February 28 balance of the account Factory Overhead-Blending Department? Amount: Debit or Credit? d. Does the balance in part (c) represent overapplied or underapplied factory overhead?
[The following information applies to the questions displayed below.] 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 a. Raw Materials Inventory has a March 31 balance of $85,200. Job 306 eq 5A $ 34,200 25,200 15,200 148,000 90,200 ? Finished (sold) b. Raw materials purchases in April are $513,000, and total factory payroll cost in April is $376,000. c. Actual overhead costs incurred in April are indirect materials, $53,250; indirect labor, $26,250; factory rent, $35,250; factory utilities, $22,250; and factory equipment depreciation, $54,250. Req 5B mpute gross profit for April. profit Job 307 d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $648,000 cash in April. Req 5A $ 40,200 23,200 14, 200 Compute…
Expedition Company worked on five jobs during May: Jobs A10, B20, C30, D40, and E50. At the end of May, the job cost sheets for these five jobs contained the following data: Beginning balance Charged to the jobs during May: Direct materials Direct labor Manufacturing overhead applied Units completed Units sold during May Job A10 $ 223 $260 $ 240 $ 267 270 0 Cost of goods sold for May Finished goods inventory at the end of May 1 Work in process inventory at the end of May. Job 820 $ 240 $ 240 $ 250 $ 280 0 0 Required: 1. What is the cost of goods sold for May? 2. What is the total value of the finished goods inventory at the end of May? 3. What is the total value of the work in process inventory at the end of May? Note: Round your intermediate calculations to 2 decimal places. Job C30 $ 226 $ 290 $ 155 $ 119 125 125 Job D40 $ 204 $ 185 $ 270 $216 0 Job E50 $ 260 Jobs A10, C30, and E50 were completed during May. Jobs B20 and D40 were incomplete at the end of May. There was no finished.…
jay
Before the completed production for June is recorded, the work in process inventory account for James Company appears as follows: Work in Process Inventory Balance June 1 $72,000 Direct material 202,500 Direct labor 144,000 Manufacturing overhead applied 153,000 Assume that completed production for June includes Jobs 107, 108, and 109 with total costs of $126,000, $265,500, and $112,500, respectively. a. Determine the cost of unfinished jobs at June 30 and prepare a journal entry to record completed production. Work in process balance as of June 30 $Answer General Journal Description Debit Credit Answer Answer Answer Answer Answer Answer b. Using general journal entries, record the sale of Job 107 for $180,000 on account. General Journal Description Debit Credit Answer Answer Answer Answer Answer Answer To transfer cost to expense. Answer Answer Answer Answer Answer Answer…
Factory Overhead Rate, Entry for Applying Factory Overhead, and Factory Overhead Account Balance The cost accountant for River Rock Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning February 1 would be $588,500, and total direct labor costs would be $535,000. During February, the actual direct labor cost totaled $46,000, and factory overhead cost incurred totaled $52,600. What is the predetermined factory overhead rate based on direct labor cost? Enter your answer as a whole percent not in decimals.fill in the blank% Journalize the entry to apply factory overhead to production for February. fill in the blank $fill in the blank $fill in the blank fill in the blank $fill in the blank $fill in the blank What is the February 28 balance of the account Factory Overhead—Blending Department? Amount: $fill in the blank Debit or Credit? ____________ Does the balance for Feb. 28…