s 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 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: a. Raw Materials Inventory has a March 31 balance of $81,200. b. Raw materials purchases in April are $50 000, and total factory payroll cost in April is $366,000. c. Actual overhead costs incurred in April are indirect materials, $50,750; indirect labor, $23,750; factory rent, $32,750; factory utilities, $19,750; and factory equipment depreciation, $51,750. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $638,000 cash in April. 2. Determine the total cost assigned to each job as of April 30 (including the balances from March 31). $ Job 306 30,200 21,200 11,200 138,000 86,200 Job 306 $ 30,200 21,200 11,200 224,200 138,000 86,200 ? Finished (sold) Finished (sold) Job 307 $ 36,200 19,200 10,200 $ Finished (unsold) Job 307 223,000 $ 103,000 153,000 ? 108,000 ? In process 36,200 19,200 10,200 Job 308 223,000 153,000 376,000 Finished (unsold) Job 308 In process 103,000 108,000 211,000 April Total $ $ 0 464,000 347,200 811,200 0
s 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 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: a. Raw Materials Inventory has a March 31 balance of $81,200. b. Raw materials purchases in April are $50 000, and total factory payroll cost in April is $366,000. c. Actual overhead costs incurred in April are indirect materials, $50,750; indirect labor, $23,750; factory rent, $32,750; factory utilities, $19,750; and factory equipment depreciation, $51,750. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $638,000 cash in April. 2. Determine the total cost assigned to each job as of April 30 (including the balances from March 31). $ Job 306 30,200 21,200 11,200 138,000 86,200 Job 306 $ 30,200 21,200 11,200 224,200 138,000 86,200 ? Finished (sold) Finished (sold) Job 307 $ 36,200 19,200 10,200 $ Finished (unsold) Job 307 223,000 $ 103,000 153,000 ? 108,000 ? In process 36,200 19,200 10,200 Job 308 223,000 153,000 376,000 Finished (unsold) Job 308 In process 103,000 108,000 211,000 April Total $ $ 0 464,000 347,200 811,200 0
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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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
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:
a. Raw Materials Inventory has a March 31 balance of $81,200.
b. Raw materials purchases in April are $50 000, and total factory payroll cost in April is $366,000.
c. Actual overhead costs incurred in April are indirect materials, $50,750; indirect labor, $23,750; factory rent, $32,750;
factory utilities, $19,750; and factory equipment depreciation, $51,750.
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $638,000 cash in April.
2. Determine the total cost assigned to each job as of April 30 (including the balances from March 31).
$
Job 306
30,200
21,200
11,200
138,000
86,200
Job 306
$ 30,200
21,200
11,200
224,200
138,000
86,200
?
Finished
(sold)
Finished (sold)
Job 307
$ 36,200
19,200
10,200
$
Finished
(unsold)
Job 307
223,000 $ 103,000
153,000
?
108,000
?
In process
36,200
19,200
10,200
Job 308
223,000
153,000
376,000
Finished (unsold)
Job 308
In process
103,000
108,000
211,000
April Total
$
$
0
464,000
347,200
811,200
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa2380fdd-3f82-46ed-84b2-fe3252d47fc8%2F5a3d06ea-b36d-4e08-8b07-f5d5bfd988c7%2F2fra8ba_processed.png&w=3840&q=75)
Transcribed Image Text:s
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
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:
a. Raw Materials Inventory has a March 31 balance of $81,200.
b. Raw materials purchases in April are $50 000, and total factory payroll cost in April is $366,000.
c. Actual overhead costs incurred in April are indirect materials, $50,750; indirect labor, $23,750; factory rent, $32,750;
factory utilities, $19,750; and factory equipment depreciation, $51,750.
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $638,000 cash in April.
2. Determine the total cost assigned to each job as of April 30 (including the balances from March 31).
$
Job 306
30,200
21,200
11,200
138,000
86,200
Job 306
$ 30,200
21,200
11,200
224,200
138,000
86,200
?
Finished
(sold)
Finished (sold)
Job 307
$ 36,200
19,200
10,200
$
Finished
(unsold)
Job 307
223,000 $ 103,000
153,000
?
108,000
?
In process
36,200
19,200
10,200
Job 308
223,000
153,000
376,000
Finished (unsold)
Job 308
In process
103,000
108,000
211,000
April Total
$
$
0
464,000
347,200
811,200
0
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