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
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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

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