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 $ 31,800 $ 37,800 22,800 12,800 20,800 11,800 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 30 142,000 87,800 ? Finished (sold) 227,000 157,000 ? Finished (unsold) $ 107,000 112,000 ? In process. Additional Information a. Raw Materials Inventory has a March 31 balance of $82,800. b. Raw materials purchases in April are $507,000, and total factory payroll cost in April is $370,000. c. Actual overhead costs incurred in April are indirect materials, $51.750; indirect labor. $24.750: factory rent. $33,750; factory utilities, $20,750; and factory equipment depreciation, $52,750. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $642,000 cash in April. etermine the total cost assigned to each job as of April 30 (including the balances from March 31).
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 $ 31,800 $ 37,800 22,800 12,800 20,800 11,800 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 30 142,000 87,800 ? Finished (sold) 227,000 157,000 ? Finished (unsold) $ 107,000 112,000 ? In process. Additional Information a. Raw Materials Inventory has a March 31 balance of $82,800. b. Raw materials purchases in April are $507,000, and total factory payroll cost in April is $370,000. c. Actual overhead costs incurred in April are indirect materials, $51.750; indirect labor. $24.750: factory rent. $33,750; factory utilities, $20,750; and factory equipment depreciation, $52,750. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $642,000 cash in April. etermine the total cost assigned to each job as of April 30 (including the balances from March 31).
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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please answer do not image format
![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
$ 31,800
$ 37,800
22,800
20,800
11,800
12,800
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
March
Additional Information
a. Raw Materials Inventory has a March 31 balance of $82,800.
b. Raw materials purchases in April are $507,000, and total factory payroll cost in April is $370,000.
c. Actual overhead costs incurred in April are indirect materials. $51,750; indirect labor, $24.750: factory rent, $33,750;
factory utilities, $20,750; and factory equipment depreciation, $52,750.
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $642,000 cash in April.
Direct materials
Direct labor
2. Determine the total cost assigned to each job as of April 30 (including the balances from March 31).
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
142,000
87,800
?
Finished
(sold)
31,800
22,800
12,800
142,000
87,800
229,600
227,000 $107,000
157,000
112,000
?
?
Finished
(unsold) In process
Finished (sold)
$
Job 307
Job 308
37,800
20,800
11,800
Assessment Tool iFrame
157,000
384,000
Finished (unsold)
Job 308
In process
107,000
112,000
219,000
April Total
$
$
0
476,000
356,800
0
832,800](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc284736a-ec13-4483-9a71-a221e8520063%2Fd7b10a31-c9d4-44b4-8773-cd0c0eba412b%2Fd9p90xb_processed.jpeg&w=3840&q=75)
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
$ 31,800
$ 37,800
22,800
20,800
11,800
12,800
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
March
Additional Information
a. Raw Materials Inventory has a March 31 balance of $82,800.
b. Raw materials purchases in April are $507,000, and total factory payroll cost in April is $370,000.
c. Actual overhead costs incurred in April are indirect materials. $51,750; indirect labor, $24.750: factory rent, $33,750;
factory utilities, $20,750; and factory equipment depreciation, $52,750.
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $642,000 cash in April.
Direct materials
Direct labor
2. Determine the total cost assigned to each job as of April 30 (including the balances from March 31).
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
142,000
87,800
?
Finished
(sold)
31,800
22,800
12,800
142,000
87,800
229,600
227,000 $107,000
157,000
112,000
?
?
Finished
(unsold) In process
Finished (sold)
$
Job 307
Job 308
37,800
20,800
11,800
Assessment Tool iFrame
157,000
384,000
Finished (unsold)
Job 308
In process
107,000
112,000
219,000
April Total
$
$
0
476,000
356,800
0
832,800
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