Required information Problem 19-2A (Algo) 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. Job 306 Job 307 $ 33,000 $ 39,000 24,000 14,000 22,000 13,000 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 30 145,000 89,000 ? Finished (sold) 230,000 160,000 7 Finished (unsold) Job 388 $110,000 115,000 7 In process Additional Information a. Raw Materials Inventory has a March 31 balance of $84,000. b.. Raw materials purchases in April are $510,000, and total factory payroll cost in April is $373,000. c. Actual overhead costs incurred in April are indirect materials, $52,500; indirect labor, $25,500; factory rent, $34,500; factory utilities, $21,500; and factory equipment depreciation, $53,500. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $645,000 cash in April.
Required information Problem 19-2A (Algo) 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. Job 306 Job 307 $ 33,000 $ 39,000 24,000 14,000 22,000 13,000 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 30 145,000 89,000 ? Finished (sold) 230,000 160,000 7 Finished (unsold) Job 388 $110,000 115,000 7 In process Additional Information a. Raw Materials Inventory has a March 31 balance of $84,000. b.. Raw materials purchases in April are $510,000, and total factory payroll cost in April is $373,000. c. Actual overhead costs incurred in April are indirect materials, $52,500; indirect labor, $25,500; factory rent, $34,500; factory utilities, $21,500; and factory equipment depreciation, $53,500. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $645,000 cash in April.
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter2: Job Order Costing
Section: Chapter Questions
Problem 4BE: Applying factory overhead Bergan Company estimates that total factory overhead costs will be 620,000...
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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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Transcribed Image Text:Additional Information
a. Raw Materials Inventory has March 31 balance of $84,000.
b. Raw materials purchases in April are $510,000, and total factory payroll cost in April is $373,000.
c. Actual overhead costs incurred in April are indirect materials, $52,500; indirect labor, $25,500; factory rent,
$34.500; factory utilities, $21,500; and factory equipment depreciation, $53,500.
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $645,000 cash in April.
Problem 19-2A (Algo) Part 4
4. Prepare a schedule of cost of goods manufactured for the month ended April 30.
MARCO COMPANY
Schedule of Cost of Goods Manufactured
For Month Ended April 30
Direct materials used
Direct labor
Factory overhead applied
Total manufacturing costs
Add Work in process inventory, beginning
Total cost of work in process
Less: Work in process inventory, ending
Cost of goods manufactured
$
0
0
![Required information
Problem 19-2A (Algo) 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.
Job 306
Job 387
$ 33,000
$ 39,000
24,000
22,000
13,000
14,000
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 usedi
Overhead applied
Status on April 30
Additional Information
145,000
89,000
?
Finished
(sold)
Job 388
230,000 $110,000
160,000 115,000
7
Finished
(unsold)
In process
a. Raw Materials Inventory has a March 31 balance of $84,000.
b. Raw materials purchases in April are $510,000, and total factory payroll cost in April is $373,000.
c. Actual overhead costs incurred in April are indirect materials, $52,500; indirect labor, $25,500; factory rent,
$34,500; factory utilities, $21,500; and factory equipment depreciation, $53,500.
d. Predetermined overhead rate is 50% of direct labor cost..
e. Job 306 is sold for $645,000 cash in April.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff21c87de-b1f0-48b6-80e7-8b96ab307913%2F0c0bb206-0827-4948-8757-9a4e13e96cfa%2Fktcc6t9k_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Problem 19-2A (Algo) 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.
Job 306
Job 387
$ 33,000
$ 39,000
24,000
22,000
13,000
14,000
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 usedi
Overhead applied
Status on April 30
Additional Information
145,000
89,000
?
Finished
(sold)
Job 388
230,000 $110,000
160,000 115,000
7
Finished
(unsold)
In process
a. Raw Materials Inventory has a March 31 balance of $84,000.
b. Raw materials purchases in April are $510,000, and total factory payroll cost in April is $373,000.
c. Actual overhead costs incurred in April are indirect materials, $52,500; indirect labor, $25,500; factory rent,
$34,500; factory utilities, $21,500; and factory equipment depreciation, $53,500.
d. Predetermined overhead rate is 50% of direct labor cost..
e. Job 306 is sold for $645,000 cash in April.
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