Required information [The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. 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 Additional Information Job 306 $ 35,800 26,800 16,800 152,000 91,800 ? Finished (sold) Job 307 $ 41,800 24,800 15,800 237,000 167,000 ? Finished. (unsold) Job 308 $ 117,000 122,000 In process a. Raw Materials Inventory has a March 31 balance of $86,800. b. Raw materials purchases in April are $517,000, and total factory payroll cost in April is $380,000. c. Actual overhead costs incurred in April are indirect materials, $54,250; indirect labor, $27,250; factory rent, $36,250; factory utilities, $23,250; and factory equipment depreciation, $55,250. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $652,000 cash in April.
Required information [The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. 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 Additional Information Job 306 $ 35,800 26,800 16,800 152,000 91,800 ? Finished (sold) Job 307 $ 41,800 24,800 15,800 237,000 167,000 ? Finished. (unsold) Job 308 $ 117,000 122,000 In process a. Raw Materials Inventory has a March 31 balance of $86,800. b. Raw materials purchases in April are $517,000, and total factory payroll cost in April is $380,000. c. Actual overhead costs incurred in April are indirect materials, $54,250; indirect labor, $27,250; factory rent, $36,250; factory utilities, $23,250; and factory equipment depreciation, $55,250. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $652,000 cash in April.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information
[The following information applies to the questions displayed below.]
Marco Company shows the following costs for three jobs worked on in April.
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
Additional Information
Job 306
Predetermined overhead rate
Overhead applied
$ 35,800
26,800
16,800
306
152,000
91,800
?
Finished
(sold)
Required:
1. Determine the amount of overhead applied to each job in April.
Job 307
307
$ 41,800
24,800
15,800
237,000
167,000
?
Finished
(unsold)
a. Raw Materials Inventory has a March 31 balance of $86,800.
b. Raw materials purchases in April are $517,000, and total factory payroll cost in April is $380,000.
c. Actual overhead costs incurred in April are indirect materials, $54,250; indirect labor, $27,250; factory rent, $36,250;
factory utilities, $23,250; and factory equipment depreciation, $55,250.
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $652,000 cash in April.
Job 308
308
$ 117,000
122,000
?
In process
April Total
$
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Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
Marco Company shows the following costs for three jobs worked on in April.
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
Additional Information
Job 306
Predetermined overhead rate
Overhead applied
$ 35,800
26,800
16,800
306
152,000
91,800
?
Finished
(sold)
Required:
1. Determine the amount of overhead applied to each job in April.
Job 307
307
$ 41,800
24,800
15,800
237,000
167,000
?
Finished
(unsold)
a. Raw Materials Inventory has a March 31 balance of $86,800.
b. Raw materials purchases in April are $517,000, and total factory payroll cost in April is $380,000.
c. Actual overhead costs incurred in April are indirect materials, $54,250; indirect labor, $27,250; factory rent, $36,250;
factory utilities, $23,250; and factory equipment depreciation, $55,250.
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $652,000 cash in April.
Job 308
308
$ 117,000
122,000
?
In process
April Total
$
0
Transcribed Image Text:2. Determine the total cost assigned to each job as of April 30 (including the balances from March 31).
March
Direct materials
Direct labor
Overhead applied
Work in process, beginning
April
Direct materials
Direct labor
Overhead applied
Costs added in April
Total costs
Status on April 30
April 30 cost included in:
$
Job 306
35,800
26,800
16,800
152,000
91,800
243,800
Finished (sold)
$
Job 307
41,800
24,800
15,800
237,000
167,000
404,000
Finished (unsold)
Job 308
In process
117,000
122,000
239,000
April Total
$
$
0
506,000
380,800
0
886,800
0
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