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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 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

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 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
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
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