Required information [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 Job 308 Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Coate during April $ 28,000 21,000 10,500 $ 38,000 14,000 1,000 Direct materials used 138,000 101,000 205,0०० ३ 105, 000 153,000 Direct labor used 105, 000 Overhead applied Finished (unsold) Finished Status on April 30 In process (sold) Additional Information a. Raw Materials Inventory has a March 31 balance of $81,000. b. Raw materials purchases in April are $530,000, and total factory payroll cost in April is $383,000. c. Actual overhead costs incurred in April are indirect materials, $57,000; indirect labor, $24,000; factory rent, $36,000: factory utilities, $24,000, and fectory equipment depreciation, $60,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $680,000 cash in April. 4. Prepare a schedule of cost of goods manufactured for the month end April 30. MARCO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs Total cost of work in process Cost of goods manufactured
Required information [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 Job 308 Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Coate during April $ 28,000 21,000 10,500 $ 38,000 14,000 1,000 Direct materials used 138,000 101,000 205,0०० ३ 105, 000 153,000 Direct labor used 105, 000 Overhead applied Finished (unsold) Finished Status on April 30 In process (sold) Additional Information a. Raw Materials Inventory has a March 31 balance of $81,000. b. Raw materials purchases in April are $530,000, and total factory payroll cost in April is $383,000. c. Actual overhead costs incurred in April are indirect materials, $57,000; indirect labor, $24,000; factory rent, $36,000: factory utilities, $24,000, and fectory equipment depreciation, $60,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $680,000 cash in April. 4. Prepare a schedule of cost of goods manufactured for the month end April 30. MARCO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs Total cost of work in process Cost of goods manufactured
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
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:Required information
[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
Job 308
Balances on March 31
$ 28,000
21,000
$ 38,000
Direct materials used (in March)
Direct labor used (in March)
Overhead applied (March)
Costs during April
14,000
7,000
10,500
138,000
101,000
Direct materials used
205,00০ $ 105, 000
153,000
Direct labor used
105,000
Overhead applied
Finished
(unsold)
Finished
Status on April 30
In process
(sold)
Additional Information
a. Raw Materials Inventory has a March 31 balance of $81,000.
b. Raw materials purchases in April are $530,000, and total factory payroll cost in April is $383,000.
c. Actual overhead costs incurred in April are indirect materials, $57,000; indirect labor, $24,000; factory rent, $36,00o:
factory utilities, $24,000; and factory equipment depreciation, $60,000.
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $680,000 cash in April.
4. Prepare a schedule of cost of goods manufactured for the month end April 30.
MARCO COMPANY
Schedule of Cost of Goods Manufactured
For Month Ended April 30
Total manufacturing costs
Total cost of work in process
Cost of goods manufactured
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