Problem 4-26 Marigold Company produces high-quality microscopes for education and health care uses. The company uses a job order costing system. Because the microscopes' optics require significant manual labor to ensure adherence to strict manufacturing specifications, the company applies overhead on the basis of direct labor hours. At the beginning of 2017, the company estimated its manufacturing overhead would be $1,950,000 and that employees would work a total of 48,750 direct labor hours. During March, the company worked on the following five jobs: Direct Materials Direct Labor Direct Labor Hours Beginning added during added during added during Job Balance March March March 134 $118,600 $3,000 $8,400 160 158 121,400 2,400 12,150 340 212 21,900 86,400 36,600 3,450 287 34,550 71,600 31,810 2,770 301 18,990 21,890 1,320 Total $296,450 $182,390 $110,850 8,040 Jobs 134 and 158 were started in January, Jobs 212 and 287 were started in February, and Job 301 was started in March. During March, workers completed Jobs 134, 158, and 212. Jobs 134 and 212 were delivered to customers during March. Actual overhead for the month of March was $177,000. The manufacturing overhead account is disposed of annually, not monthly. Calculate the Cost of Goods Sold for March. Cost of Goods Sold for March 2$ LINK TO TEXT LINK TO VIDEO Calculate the balance in the Finished Goods Inventory account as of March 31. Finished Goods Inventory account as of March 31 $4 Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO VIDEO
Problem 4-26 Marigold Company produces high-quality microscopes for education and health care uses. The company uses a job order costing system. Because the microscopes' optics require significant manual labor to ensure adherence to strict manufacturing specifications, the company applies overhead on the basis of direct labor hours. At the beginning of 2017, the company estimated its manufacturing overhead would be $1,950,000 and that employees would work a total of 48,750 direct labor hours. During March, the company worked on the following five jobs: Direct Materials Direct Labor Direct Labor Hours Beginning added during added during added during Job Balance March March March 134 $118,600 $3,000 $8,400 160 158 121,400 2,400 12,150 340 212 21,900 86,400 36,600 3,450 287 34,550 71,600 31,810 2,770 301 18,990 21,890 1,320 Total $296,450 $182,390 $110,850 8,040 Jobs 134 and 158 were started in January, Jobs 212 and 287 were started in February, and Job 301 was started in March. During March, workers completed Jobs 134, 158, and 212. Jobs 134 and 212 were delivered to customers during March. Actual overhead for the month of March was $177,000. The manufacturing overhead account is disposed of annually, not monthly. Calculate the Cost of Goods Sold for March. Cost of Goods Sold for March 2$ LINK TO TEXT LINK TO VIDEO Calculate the balance in the Finished Goods Inventory account as of March 31. Finished Goods Inventory account as of March 31 $4 Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO VIDEO
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Problem 4-26
Marigold Company produces high-quality microscopes for education and
health care uses. The company uses a job order costing system. Because
the microscopes' optics require significant manual labor to ensure
adherence to strict manufacturing specifications, the company applies
overhead on the basis of direct labor hours. At the beginning of 2017, the
company estimated its manufacturing overhead would be $1,950,000 and
that employees would work a total of 48,750 direct labor hours. During
March, the company worked on the following five jobs:
Direct Materials Direct Labor Direct Labor Hours
Beginning added during
added during
added during
Job
Balance
March
March
March
134
$118,600
$3,000
$8,400
160
158
121,400
2,400
12,150
340
212
21,900
86,400
36,600
3,450
287
34,550
71,600
31,810
2,770
301
18,990
21,890
1,320
Total
$296,450
$182,390
$110,850
8,040
Jobs 134 and 158 were started in January, Jobs 212 and 287 were started
in February, and Job 301 was started in March. During March, workers
completed Jobs 134, 158, and 212. Jobs 134 and 212 were delivered to
customers during March.
Actual overhead for the month of March was $177,000. The
manufacturing overhead account is disposed of annually, not monthly.
Transcribed Image Text:Calculate the Cost of Goods Sold for March.
Cost of Goods Sold for March
2$
LINK TO TEXT
LINK TO VIDEO
Calculate the balance in the Finished Goods Inventory account as of
March 31.
Finished Goods Inventory account as of March 31
$4
Click if you would like to Show Work for this question: Open Show Work
LINK TO TEXT
LINK TO VIDEO
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