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.

Name: !Required information[The following information applies to the questi
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
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

See similar textbooks

Similar questions

During March, Estes Company worked on three jobs. Data relating to these three jobs follow: Job 86 Job 87 150 240 240 $1,368 264 $3,432 Units in each order Units sold Materials requisitioned Direct labor hours Direct labor cost $1,140 165 $1,815 Job 88 210 $2,499 315 $2,835 Overhead is assigned on the basis of direct labor hours at a rate of $8.50 per direct labor hour. During March, Jobs 86 and 87 were completed and transferred to Finished Goods Inventory. Job 87 was sold by the end of the month. Job 88 was the only unfinished job at the end of the month.
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…
! Required information [The following information applies to the questions displayed below.] At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. At June 30 Direct materials Direct labor Overhead applied Additional Information Job 5 $ 15,400 8,400 4,200 Job 6 $ 33,200 14,600 7,300 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $6,200; direct labor, $2,000; and applied overhead, $1,100. Job 5 was finished in June. Direct labor used in June b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. 2. What is the total cost of direct labor used in June? Job 7 $ 27,200 21,400 10,700 $ 396,000
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.
! Required information [The following information applies to the questions displayed below.] At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. At June 30 Direct materials Direct labor Overhead applied Additional Information Job 5 $ 18,200 11, 200 5,600 Job 6 $ 34,600 17,400 8,700 Job 7 $ 28,600 24, 200 12,100 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $7,600; direct labor, $3,400; and applied overhead, $2,500. Job 5 was finished in June. Direct materials requisitioned in June b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. Required 1. What is the total cost of direct materials requisitioned in June?
Applying factory overhead Instructions Chart of Accounts Factory Overhead Journal Instructions Bergan Company estimates that total factory overhead costs will be $620,000 for the year. Direct labor hours are estimated to be 80,0000. Required: a. For Bergan Company, determine the predetermined factory overhead rate using direct labor hours as the activity base. If required, round your answer to two decimal places. b. During May, Bergan Company accumulated 2,500 hours of direct labor costs on Job 200 and 3,000 hours on Job 305. Determine the amount of factory overhead applied to Jobs 200 and 305 in May. c. Prepare the journal entry on May 31 to apply factory overhead to both jobs in May according to the predetermined overhead rate, Refer to the chart accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal…
Required information [The following information applies to the questions displayed below.] At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. At June 30 Direct materials Direct labor Overhead applied Additional Information Job 5 $ 18,200 11, 200 5,600 What is the predetermined overhead rate? edetermined overhead rate Job 6 $ 34,600 17,400 8,700 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $7,600; direct labor, $3,400, and applied overhead, $2,500. Job 5 was finished in June. Job 7 $ 28,600 24,200 12,100 b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. % Check my work
Required information [The following information applies to the questions displayed below.] At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. At June 30 Direct materials Direct labor Overhead applied Additional Information Job 5 $ 18,400 11, 400 5,700 Job 6 $ 34,700 17,600 8,800 Job 7 $ 28,700 24,400 12, 200 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $7,700; direct labor, $3,500; and applied overhead, $2,600. Job 5 was finished in June. b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. Total transferred cost c. Overhead cost is applied with a predetermined rate based on direct bor cost. The predetermined overhead rate did not change across these months. 4. What is the total cost transferred to Finished Goods Inventory in June?
Required information [The following information applies to the questions displayed below.) Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's production activities during May follows. a. Purchased raw materials on credit, $220,000. b. Materials requisitions record use of the following materials for the month. Job 136 Job 137 Job 138 Job 139 Job 140 Total direct materials Indirect materials $ 49,500 34,000 20,000 22,800 6,400 132,700 20,500 Total materials requisitions $ 153,200 c. Time tickets record use of the following labor for the month. These wages were paid in cash. Job 136 Job 137 $ 12,100 Job 138 Job 139 Job 140 Total direct labor Indirect labor Total labor cost 10,700 37,900 39,000 4,000 103,700 26,500 $ 130,200 d. Applied overhead to Jobs 136, 138, and 139. e. Transferred Jobs 136, 138, and 139 to Finished Goods Inventory. f. Sold Jobs 136 and 138 on credit at a total price of $540,000. g. Recorded the cost of goods sold for Jobs…
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated Its total manufacturing overhead cost at $237,500 and total machine hours at 62,500. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Direct materials used Direct labor Machine hours Job 1011 $ 11,600 $ 18,000 1,700 hours 1. Predetermined Overhead Rate 2. Total Applied Manufacturing Overhead 3. Ending Work in Process Inventory 4. Gross profit Job 102 $ 8,100 $ 5,700 5-a. Balance 5-b. Is it over- or underapplied? 2,700 hours Job 103 $5,500 $ 5,100 Job 101 was completed and sold for $50,400. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $19,800. 1,100 hours Total Required: 1. Calculate the predetermined…
Ivanhoe Company begins operations on April 1. Information from job cost sheets shows the following: Manufacturing Costs Assigned Job Number April May June Month Completed 10 $6,700 $4,600 May 11 4,400 4,200 $3,200 June 12 1,400 April 13 4,900 3,500 June 14 5,600 3,600 Not complete Each job was sold for 25% above its cost in the month following completion. (a) Calculate the balance in Work in Process Inventory at the end of each month. Work in Process Inventory April 30 $enter a dollar amount May 31 $enter a dollar amount June 30 $enter a dollar amount