Problem 15-2A (Static) Computing and recording job costs; preparing schedule of cost of goods manufactured LO P1, P2, P3, P4 [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 March Problem 15-2A (Static) Part 2 Direct materials Direct labor Overhead applied Work in process, beginning $ Job 306 Job 306 29,000 20,000 10,000 $ 29,000 20,000 10,000 135,000 85,000 ? Finished (sold) 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. 2. Determine the total cost assigned to each job as of April 30 (including the balances from March 31). $ Job 307 $ 35,000 18,000 9,000 Job 307 Job 308 220,000 $ 100,000 150,000 ? Finished (unsold) 105,000 ? In process 35,000 18,000 9,000 Job 308 April Total
Problem 15-2A (Static) Computing and recording job costs; preparing schedule of cost of goods manufactured LO P1, P2, P3, P4 [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 March Problem 15-2A (Static) Part 2 Direct materials Direct labor Overhead applied Work in process, beginning $ Job 306 Job 306 29,000 20,000 10,000 $ 29,000 20,000 10,000 135,000 85,000 ? Finished (sold) 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. 2. Determine the total cost assigned to each job as of April 30 (including the balances from March 31). $ Job 307 $ 35,000 18,000 9,000 Job 307 Job 308 220,000 $ 100,000 150,000 ? Finished (unsold) 105,000 ? In process 35,000 18,000 9,000 Job 308 April Total
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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Question
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![Problem 15-2A (Static) Computing and recording job costs; preparing schedule of cost of goods
manufactured LO P1, P2, P3, P4
[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
March
Direct materials
Direct labor
Overhead applied
Work in process, beginning
April
Direct materials
Direct labor
Overhead applied
Costs added in April
Total costs
Status on April 30
April 30 cost included in:
$
Job 306
29,000
20,000
10,000
135,000
85,000
42,500
262,500
321,500
Job 306
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.
Problem 15-2A (Static) Part 2
2. Determine the total cost assigned to each job as of April 30 (including the balances from March 31).
$
Finished (sold)
$ 29,000
20,000
10,000
135,000
85,000
?
Finished
(sold)
$
Job 307
Job 307
$ 35,000
18,000
9,000
220,000
150,000
$
Finished (unsold)
Finished
(unsold)
Job 308
35,000
18,000
9,000
220,000
150,000
75,000
445,000
507,000
$ 100,000
105,000
?
In process
Job 308
$
In process
100,000
105,000
52,500
257,500
257,500
FUREAN
April Total
$
0
455,000
340,000
170,000
965,000
$ 1,086,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5f430791-8e7e-4a91-b386-8dd7c8153eac%2F3292b08b-5026-4ba6-b401-b96e369ca1ad%2Fqdkhl3_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Problem 15-2A (Static) Computing and recording job costs; preparing schedule of cost of goods
manufactured LO P1, P2, P3, P4
[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
March
Direct materials
Direct labor
Overhead applied
Work in process, beginning
April
Direct materials
Direct labor
Overhead applied
Costs added in April
Total costs
Status on April 30
April 30 cost included in:
$
Job 306
29,000
20,000
10,000
135,000
85,000
42,500
262,500
321,500
Job 306
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.
Problem 15-2A (Static) Part 2
2. Determine the total cost assigned to each job as of April 30 (including the balances from March 31).
$
Finished (sold)
$ 29,000
20,000
10,000
135,000
85,000
?
Finished
(sold)
$
Job 307
Job 307
$ 35,000
18,000
9,000
220,000
150,000
$
Finished (unsold)
Finished
(unsold)
Job 308
35,000
18,000
9,000
220,000
150,000
75,000
445,000
507,000
$ 100,000
105,000
?
In process
Job 308
$
In process
100,000
105,000
52,500
257,500
257,500
FUREAN
April Total
$
0
455,000
340,000
170,000
965,000
$ 1,086,000
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