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 Predetermined overhead rate Overhead applied Job 306 $ 30,200 21,200 11,200 Required: 1. Determine the amount of overhead applied to each job in April. 6 138,000 86,200 ? Finished (sold) 306 Job 307 a. Raw Materials Inventory has a March 31 balance of $81,200. b. Raw materials purchases in April are $503,000, and total factory payroll cost in April is $366,000. c. Actual overhead costs incurred in April are indirect materials, $50,750; indirect labor, $23,750; factory rent, $32,750; factory utilities, $19,750; and factory equipment depreciation, $51,750. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $638,000 cash in April. 307 $36,200 19, 200 10, 200 223,000 $ 103,000 153,000 ? 108,000 ? In process Finished (unsold) Job 308 308 April Total
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 Predetermined overhead rate Overhead applied Job 306 $ 30,200 21,200 11,200 Required: 1. Determine the amount of overhead applied to each job in April. 6 138,000 86,200 ? Finished (sold) 306 Job 307 a. Raw Materials Inventory has a March 31 balance of $81,200. b. Raw materials purchases in April are $503,000, and total factory payroll cost in April is $366,000. c. Actual overhead costs incurred in April are indirect materials, $50,750; indirect labor, $23,750; factory rent, $32,750; factory utilities, $19,750; and factory equipment depreciation, $51,750. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $638,000 cash in April. 307 $36,200 19, 200 10, 200 223,000 $ 103,000 153,000 ? 108,000 ? In process Finished (unsold) Job 308 308 April Total
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
Topic Video
Question
4
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
Predetermined overhead rate
Overhead applied
$ 30,200
21,200
11,200
306
138,000
86,200
?
Finished
(sold)
Required:
1. Determine the amount of overhead applied to each job in April.
Job 307
307
$36,200
19,200
10,200
a. Raw Materials Inventory has a March 31 balance of $81,200.
b. Raw materials purchases in April are $503,000, and total factory payroll cost in April is $366,000.
c. Actual overhead costs incurred in April are indirect materials, $50,750; indirect labor, $23,750; factory rent, $32,750;
factory utilities, $19,750; and factory equipment depreciation, $51,750.
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $638,000 cash in April.
223,000 $ 103,000
153,000
108,000
?
In process
?
Finished
(unsold)
Job 308
308
April Total
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education