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 $ 25,000 24,000 12,000 137,000 105,000 Job 307 $ 41,000 18,000 9,000 215,000 150,000 ? Finished Finished (sold) (unsold) Job 308 $ 110,000 102,000 Complete this question by entering your answers in the tabs below. In process a. Raw Materials Inventory has a March 31 balance of $89,000. b. Raw materials purchases in April are $550,000, and total factory payroll cost in April is $378,000. c. Actual overhead costs incurred in April are indirect materials, $53,000; indirect labor, $21,000; factory rent, $38,000 factory utilities, $19,000; and factory equipment depreciation, $57,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $665,000 cash in April. 5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet.

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 $ 25,000 24,000 12,000 137,000 105,000 Job 307 $ 41,000 18,000 9,000 215,000 150,000 ? Finished Finished (sold) (unsold) Job 308 $ 110,000 102,000 Complete this question by entering your answers in the tabs below. In process a. Raw Materials Inventory has a March 31 balance of $89,000. b. Raw materials purchases in April are $550,000, and total factory payroll cost in April is $378,000. c. Actual overhead costs incurred in April are indirect materials, $53,000; indirect labor, $21,000; factory rent, $38,000 factory utilities, $19,000; and factory equipment depreciation, $57,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $665,000 cash in April. 5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet.

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Description: !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 31Direct materials used (in March)Direct labor used (in March)Overh

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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During the month of July, Cambridge Company worked on three jobs. Data relating to these three jobs follow: Job 60 Job 61 Job 62 Quantity 300 150 200 Units sold - 180 - Materials requisitioned $1,460 $1990 $2,000 Direct labour hour 200 220 400 Direct labour cost $3,000 $3,000 $3,300 Overhead is assigned on the basis of direct labour hours at a rate of $6.40 per direct labour hour. During July, Jobs 60 and 61 were completed and transferred to the Finished Goods Inventory. Job 61 was sold by the end of the month. Job 62 was the only unfinished job at the end of the month. Required: 1) Calculate the per-unit cost of Jobs 60 & 61 2) Compute the ending balance in the work-in-process inventory account
Calculate and Use Overhead Rate Selected data for the consulting department of Austin Consulting, Inc., follow:. Estimated consulting overhead cost for the year $440,000 Estimated direct labor cost for the year (@ $9/hr.) 180,000 Actual manufacturing overhead cost for January 19,500 Actual direct labor cost for January (1,200 hours) 11,000 Assuming that direct labor hours is the basis for applying consulting overhead, a. Calculate the predetermined overhead rate. $ per direct labor hour b. Prepare a journal entry that applies consulting overhead for January. General Journal Description Debit Credit c. By what amount is consulting overhead over- or under applied in January?
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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 $ 28,000 21,000 10,500 132,000 102,000 Finished (sold) Job 307 $ 39,000 18,000 9,000 215,000 $ 115,000 152,000 104,000 P In process P Finished (unsold) Job 308 a. Raw Materials Inventory has a March 31 balance of $82,000. b. Raw materials purchases in April are $570,000, and total factory payroll cost in April is $385,000. c. Actual overhead costs incurred in April are indirect materials, $58,000; indirect labor, $27,000; factory rent, $38,000; factory utilities, $22,000; and factory equipment depreciation, $60,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold…
Kelley Company shows the following costs for three jobs worked on in April Balances on March 31 Direct materials (in March) Direct labor (in March) Applied overhead (March) Costs during April Direct materials Direct labor Applied overhead Status on April 30 Additional Information Job 306 Job 387 Job 308 $31,000 22,080 11,000 $ 38,000 19,000 9,508 137,000 80,000 7 223,000 155,000 $ 101,000 105,000 7 Finished Finished (sold) (unsold) In process a. Raw Materials Inventory has a March 31 balance of $85,000. b. Raw materials purchases in April are $502,000, and total factory payroll cost in April is $374,000. c. Actual overhead costs incurred in April are Indirect materials, $51,000; Indirect labor. $24,000; factory rent, $33,000; factory utilities. $20,000; and factory equipment depreciation. $53,000. d. Predetermined overhead rate is 50% of direct labor cost e. Job 306 is sold for $610,000 cash in April. Complete this question by entering your answers in the tabs below. Requirement…
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 Problem 15-2A (Algo) Part 4 MARCO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs Job 306 Total cost of work in process $ 33,800 24,800 14,800 Cost of goods manufactured 147,000 89,800 ? Finished (sold) $ a. Raw Materials Inventory has a March 31 balance of $84,800. b. Raw materials purchases in April are $512,000, and total factory payroll cost in April is $375,000. c. Actual overhead costs incurred in April are indirect materials, $53,000; indirect labor, $26,000; factory rent, $35,000; factory utilities, $22,000; and factory equipment depreciation, $54,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for…
CH Marco Company shows the following costs for three jobs worked on in April Balances on March 31 birect 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 305 Problem 2-2A (Algo) Part 4 $ 37,880 28.000 18.880 155 800 93,000 A (sold) 306 387 $ 48,000 4 Fontshed Job 388 1 128.000 125,000 a. Raw Materials Inventory has a March 31 balance of $88,000. b. Raw materials purchases in April are $520.000, and total factory payroll cost in April is $333,000. c. Actual overhead costs incurred in April are indirect materials, $55.000; indirect labor, $28,000; factory factory utilities, $24.000, and factory equipment depreciation, $56.000. d. Predetermined overhead rate is 50% of direct lacor cost. e. Job 306 is sold for $655,000 cash in April. In process 4. Prepare a schedule of cost of goods manufactured for the month ended April 30.
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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 Job 306 $ 34,200 25,200 15, 200 148,000 90,200 ? Finished (sold) Job 307 $ 40,200 23, 200 14, 200 233,000 163,000 ? Finished (unsold) Additional Information 3. Raw Materials Inventory has a March 31 balance of $85,200. >. Raw materials purchases in April are $513,000, and total actory payroll cost in April is $376,000. >. Actual overhead costs incurred in April are indirect materials, $53,250; indirect labor, $26,250; factory rent, $35,250; factory utilities, $22,250; and factory equipment depreciation, $54,250. 1. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $648,000 cash in April. aterials purchases (on…
Direct Labor Costs August, Carrothers Company accumulated 790 hours of direct labor costs on Job 50 and 500 hours on Job 56. The total direct labor was incurred at a rate of $15 per direct labor hour for Job 50 and $13 per direct labor hour for Job During 56. Journalize the entry to record the flow of labor costs into production during August. If an amount box does not require an entry, leave it blank.