Job 306Job 307Job 308April TotalFrom MarchDirect Materials2$26,000$39,000$ 65,000Direct Labor21,00013,00034,000Applied overhead10,5006,50017,000Beginning goods in process$For AprilDirect Materials136,000220,000115,000471,000Direct Labor103,000153,000100,000356,000Applied overheadTotal costs added in April239,000373,000215,000827,000Total costs (April 30)$Status on April 30Finished (sold)Finished (unsold)In processApril 30 cost included in: !Required information[The following information applies to the questions displayed below.]Marcelino Co.'s March 31 inventory of raw materials is $81,000. Raw materials purchases in April are $560,000, and factorypayroll cost in April is $381,000. Overhead costs incurred in April are: indirect materials, $55,000; indirect labor, $25,000;factory rent, $38,000; factory utilities, $21,000; and factory equipment depreciation, $53,000. The predeterminedoverhead rate is 50% of direct labor cost. Job 306 is sold for $680,000 cash in April. Costs of the three jobs worked on inApril follow.Job 306Job 307Job 308Balances on March 31$ 26,00021,00010,500$ 39,00013,0006,500Direct materialsDirect laborApplied overheadCosts during April220,000153,000$115,000100,000Direct materials136,000103,000Direct laborApplied overhead?FinishedFinishedInStatus on April 30(sold)(unsold)processRequired:1. Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total costassigned to each job (including the balances from March 31).

Name: Job 306Job 307Job 308April TotalFrom MarchDirect Materials2$26,000$39
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Job 306Job 307Job 308April TotalFrom MarchDirect Materials2$26,000$39,000$ 65,000Direct Labor21,00013,00034,000Applied overhead10,5006,50017,000Beginning goods in process$For AprilDirect Materials136,000220,000115,000471,000Direct Labor103,000153,00

If the Product is sold then the inventory is moved to the cost of goods sold. If the product is…

Business

Accounting

Required: 1. Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total cost assigned to each job (including the balances from March 31).

Required: 1. Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total cost assigned to each job (including the balances from March 31).

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

a. Determine the number of units transferred to the next department. b. Determine the costs per equivalent unit of direct materials and conversion. If required, round your answer to two decimal places. Cost per equivalent unit of direct materials Cost per equivalent unit of direct materials c. Determine the cost of units started and completed in November.
The debits to Work in Process—Assembly Department for April, together with data concerning production, are as follows: April 1, work in process: Materials cost, 3,000 units $9,000 Conversion costs, 3,000 units, 80% completed 5,600 Materials added during April, 10,000 units 27,500 Conversion costs during April 32,800 Goods finished during April, 11,500 units — April 30, work in process, 1,500 units, 60% completed — All direct materials are placed in process at the beginning of the process, and the weighted average method is used to cost inventories. The conversion cost per equivalent unit (to the nearest cent) for April is a.$3.84 b.$2.95 c.$3.34 d.$3.10
Use the following information to calculate the cost of goods manufactured during July. Work in process inventory, 1 July Manufacturing overhead applied during the month Work in process inventory, 31 July Finished goods inventory, 1 July Finished goods inventory, 31 July Cost of goods sold during July 9,000 20,000 14,000 7,500 5,000 75,000
Required: 1. What was the cost of raw materials put into production during the year? 2. How much of the materials in requirement 1 consisted of indirect materials? 3. How much of the factory labour cost for the year consisted of indirect labour? 4. What was the cost of goods manufactured for the year? 5. What was the cost of goods sold for the year (before considering underapplied or overapplied overhead)? 6. If overhead is applied to production on the basis of direct materials cost, what rate was in effect during the year? 7. Was manufacturing overhead underapplied or overapplied? By how much? 8. Compute the ending balance in the Work in Process inventory account. Assume that this balance consists entirely of goods started during the year. If $33,200 of this balance is direct materials cost, how much of it is direct labour cost? Manufacturing overhead cost?
The predetermined overhead allocation rate for a given accounting period is calculated ________ Group of answer choices before the accounting period begins before the commencement of each job during the accounting period at the end of the accounting period after the completion of each job during the accounting period
how do you define prime costs? conversion costs? The following costs were incurred in July: Direct Materials $39,500 Direct Labor $30, 400 Manufacturing Overhead $28, 900 Selling Expenses $26, 500 Administrative Expenses $35, 800 What are total conversion costs during the month of July?
23. Using the activity-based costing method of applying manufacturing overhead, the amount of overhead applied to Job #414 would be: A) $29,600 B) $17,412 C) $34,824 $59,200 E) $36,000 24. Using the POHR based on direct labor hours, the amount of overhead costs applied to Job#414 would be: A) $36,000 B) $34,824 $17,412 D) $29,600 E) $59,200
Required information [The following information applies to the questions displayed below.] Caro Manufacturing has two production departments, Machining and Assembly, and two service departments, Maintenance and Cafeteria. Direct costs for each department and the proportion of service costs used by the various departments for the month of August follow: Department Machining Assembly Maintenance Cafeteria Job CM-22: Direct Costs $92,000 62,400 38,800 31,000 Job CM-23: Proportion of Services Used by Maintenance. Cafeteria Machining Machine-hours Labor-hours. Machine-hours. Labor-hours 0.8 Assume that both Machining and Assembly work on just two jobs during the month of August: CM-22 and CM-23. Costs are allocated to jobs based on machine-hours in Machining and labor-hours in Assembly. The number of labor- and machine-hours worked in each department are as follows: Machining 300 50 30 20 0.2 Assembly 40 36 20 150 Prev 0.6 0.1 S Assembly 0.2 0.1 2 of 13 HH Next
Information for the Hi-Test company’s production process for September in the attached picture. Assume that all materials are added at the beginning of this production process, and that conversion costs are added uniformly throughout the process. Compute each of the following. The number of equivalent units for materials for the month. The number of equivalent units for conversion for the month. The variable cost per equivalent unit of materials for the month.
prepare entry to assign manufacturing overhead to production, assuming the predetermined overhead rate is 125% of direct labor cost.
Assume it is the beginning of the month, using the estimates and a job-order costing system, what price would you recommend Lina quote for each of the above two jobs to ensure profitability in the long term? 2. Assume it is the end of the month, determine the amount of under- or over-applied overhead and recommend to Lina how the amount should be accounted for. 3. Prepare a schedule of cost of goods manufactured for the month - these were the only two jobs started and sold (zero beginning and ending work-in-process inventory). Assume that actual materials used and the labour rate/hours are the same as estimated. Hint: refer to Exhibit 5.11 on page 213 of text for suggested format.