4. Prepare a schedule of cost of goods manufactured for the month end April 30.MARCO COMPANYSchedule of Cost of Goods ManufacturedFor Month Ended April 30Total manufacturing costsTotal cost of work in processCost of goods manufactured [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 31Direct materials used (in March)Direct labor used (in March)Overhead applied (March)Costs during AprilDirect materials usedDirect labor usedOverhead appliedStatus on April 30Job 306$ 29,00020,00010,000135,00085,000?Finished(sold)Job 307$ 35,00018,0009,000220,000150,000?Finished(unsold)Job 308$ 100,000105,000?In processAdditional Informationa. 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.

Name: 4. Prepare a schedule of cost of goods manufactured for the month end
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Description: 4. Prepare a schedule of cost of goods manufactured for the month end April 30.MARCO COMPANYSchedule of Cost of Goods ManufacturedFor Month Ended April 30Total manufacturing costsTotal cost of work in processCost of goods manufactured [The following

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Marco Company shows the following costs for three jobs worked on in April. Job 306 $ 29,000 20,000 10,000 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 30 135,000 85,000 ? Finished (sold) Job 307 $ 35,000 18,000 9,000 220,000 150,000 Finished (unsold) Job 308 $ 100,000 105,000 ? In process Additional Information 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. Job 306 is sold for $635.000 cash in April

Marco Company shows the following costs for three jobs worked on in April. Job 306 $ 29,000 20,000 10,000 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 30 135,000 85,000 ? Finished (sold) Job 307 $ 35,000 18,000 9,000 220,000 150,000 Finished (unsold) Job 308 $ 100,000 105,000 ? In process Additional Information 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. Job 306 is sold for $635.000 cash in April

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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The following account appears in the ledger prior to recognizing the jobs completed in August: Work in Process Balance, August 1 $ 60,000 Direct materials 325,000 Direct labor 462,000 Factory overhead 210,000 Jobs finished during August are summarized as follows: Job 210 $197,800 Job 216 240,000 Job 224 160,000 Job 230 364,000 Required: Determine the cost of the unfinished jobs at August 31.
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Required information [The following information applies to the questions displayed below.] At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. At June 30 Direct materials. Direct labor Overhead applied Additional Information Job 5 $ 15,800 8,800 4,400 Job 6 $ 33,400 15,000 7,500 Job 7 $ 27,400 21,800 10,900 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $6,400; direct labor, $2,200; and applied overhead, $1,300. Job 5 was finished in June. Direct materials requisitioned in June b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. Required 1. What is the total cost of direct materials requisitioned in June?
Valdosta Company is working on its costing information for January. Using normal costing, they use one overhead control account and charges overhead to production at 75% of direct labor cost. The company does not formally close the account until the end of the year. The beginning and ending inventories for the month of August are August 1 August 31 Direct Materials $62,000 $67,000 Work in Process $171,000 $145,000 Finished Goods $78,000 $85,000 Production data for the month of August follows: Direct labor $250,000 Actual manufacturing overhead $195,500 Direct materials purchased $163,000 Transportation in $2,000 Valdosta Company's prime cost for August is Group of answer choices $368,000 $370,000 $408,000 $410,000
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Ivanhoe Company begins operations on April 1. Information from job cost sheets shows the following. Job Number 10 11 12 13 14 (a) April 30 May 31 April May $4,460 $3,820 3,520 1,020 June 30 Manufacturing Costs Assigned $ $ 3,360 $1,720 4,030 $ June 5,080 3,870 Job 12 was completed in April. Job 10 was completed in May. Jobs 11 and 13 were completed in June. Each job was sold for 25% above its cost in the month following completion. Work in Process Inventory Month Completed What is the balance in Work in Process Inventory at the end of each month? May June April June 3,090 Not complete
Required information [The following information applies to the questions displayed below.] At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. At June 30 Direct materials Direct labor Overhead applied Additional Information a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $6,400; direct labor, $2,200; and applied overhead, $1,300. Job 5 was finished in June. Job 5 $ 15,800 8,800 4,400 Direct labor used in June Job 6 $ 33,400 15,000 7,500 Job 7 $ 27,400 21,800 10,900 b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across months. 2. What is the total cost of direct labor used in June?
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At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. Job 7 $ 28,900 24,800 12,400 At June 30 Direct materials Direct labor Overhead applied Additional Information a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $7,900; direct labor, $3,700; and applied overhead, $2,800. Job 5 was finished in June. Job 5 $ 18,800 11,800 5,900 b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. 3. What is the predetermined overhead rate? Predetermined overhead rate Job 6 $ 34,900 18,000 9,000 %