Required information [The following information applies to the questions displayed below.] Ciolino Co.'s March 31 inventory of raw materials is $130,000. Raw materials purchases in April are $490,000, and factory payroll cost in April is $195,000. Overhead costs incurred in April are: indirect materials, $32,000; indirect labor, $13,000; factory rent, $15,000; factory utilities, $12,000; and factory equipment depreciation, $16,500. The predetermined overhead rate is 45% of direct labor cost. Job 306 is sold for $370,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 Balances on March 31 $ 15,000 19,000 8,550 $ 20,000 9,000 4,050 Direct materials Direct labor Applied overhead Costs during April Direct materials 75,000 17,000 160,000 65,000 $ 75,000 100,000 Direct labor Applied overhead ? ? ?

Required information [The following information applies to the questions displayed below.] Ciolino Co.'s March 31 inventory of raw materials is $130,000. Raw materials purchases in April are $490,000, and factory payroll cost in April is $195,000. Overhead costs incurred in April are: indirect materials, $32,000; indirect labor, $13,000; factory rent, $15,000; factory utilities, $12,000; and factory equipment depreciation, $16,500. The predetermined overhead rate is 45% of direct labor cost. Job 306 is sold for $370,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 Balances on March 31 $ 15,000 19,000 8,550 $ 20,000 9,000 4,050 Direct materials Direct labor Applied overhead Costs during April Direct materials 75,000 17,000 160,000 65,000 $ 75,000 100,000 Direct labor Applied overhead ? ? ?

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

Morton Inc. has provided the following data for the month of November. The balance in the Finished Goods inventory account at the beginning of the month was $50,500 and at the end of the month was $46,500. The cost of goods manufactured for the month was $241,000. The actual manufacturing overhead cost incurred was $89,000 and the manufacturing overhead cost allocated to Work in Process was $85,000. The adjusted cost of goods sold that would appear on the income statement for November is: $241,000 $245,000 $237,000 $249,000
Total factory labor costs related to factory workers for Ivanhoe Company during the month of January are $77,400. Of the total accumulated cost of factory labor, 80% is related to direct labor and 20% is attributable to indirect labor. (a) (b) Prepare the January 31 entry to record the factory labor costs for the month of January. Prepare the January 31 entry to assign factory labor to production.
Ivanhoe Company purchases $54,000 of raw materials on account, and it incurs $64,800 of factory labor costs. Supporting records show that (a) the Assembly Department used $25,920 of direct materials and $37,800 of direct labor, and (b) the Finishing Department used the remainder. Journalize the assignment of the costs to the processing departments on March 31. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 31 31 (To record materials used) (To assign factory labor to production) Debit Credit
Maple Mount Fishery is a canning company in Astoria. The company uses a normal costing system in which factory overhead is applied on the basis of direct labor costs. Budgeted factory overhead for the year was $680,000, and management budgeted $357,000 of direct labor costs. During the year, the company incurred the following actual costs. $ 377,000 306,000 655,800 Direct materials used Direct labor Factory overhead The January 1 balances of inventory accounts are shown below. Materials-all direct Work-in-process Finished goods $ 62,900 42,600 27,100 The December 31 balances of these inventory accounts were ten percent lower than the balances at the beginning of the year. The cost of goods manufactured during the year is: (Round your "predetermined overhead rate" to 1 decimal place.)
Direct labor hours are estimated as 1,900 in Quarter 1; 2,000 in Quarter 2; 1,800 in Quarter 3; and 2,200 in Quarter 4. Indirect material per hour $1.00 Supervisory salaries $16,000 Indirect labor per hour 1.25 Maintenance Salaries 4,000 Maintenance per hour 0.25 Property taxes and insurance 6,000 Utilities per hour 0.50 Depreciation 3,500 Prepare a manufacturing overhead budget using the above overhead information. Manufacturing Overhead Budget For the Year Ending Dec. 31, 2020 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Variable Costs Total Variable Manufacturing Costs $ Fixed Costs Total Fixed Manufacturing Costs Total Manufacturing Overhead
Wildhorse Company purchases $65,000 of raw materials on account, and it incurs $78,000 of factory labor costs. Supporting records show that (a) the Assembly Department used $31,200 of direct materials and $45,500 of direct labor, and (b) the Finishing Department used the remainder. Journalize the assignment of the costs to the processing departments on March 31. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 31 31 31 (To record materials used) (To assign factory labor to production) Debit Credit