Stam Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 Balances on March 31 Direct materials (in March) $ 33,600 $ 41,900 Direct labor (in March) 24,600 20,300 Applied overhead (March) 12,300 10,150 Costs during April Direct materials 139,600 226,900 $ 102,300 Direct labor 94,200 161,500 107,300 Applied overhead ? ? ? Status on April 30 Finished (sold) Finished (unsold) In process Additional Information Raw Materials Inventory has a March 31 balance of $91,500. Raw materials purchases in April are $504,600, and total factory payroll cost in April is $388,300. Actual overhead costs incurred in April are indirect materials, $52,300; indirect labor, $25,300; factory rent, $34,300; factory utilities, $21,300; and factory equipment depreciation, $55,600. Predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $650,000 cash in April. Prepare journal entries for the month of April's transactions.
Stam Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 Balances on March 31 Direct materials (in March) $ 33,600 $ 41,900 Direct labor (in March) 24,600 20,300 Applied overhead (March) 12,300 10,150 Costs during April Direct materials 139,600 226,900 $ 102,300 Direct labor 94,200 161,500 107,300 Applied overhead ? ? ? Status on April 30 Finished (sold) Finished (unsold) In process Additional Information Raw Materials Inventory has a March 31 balance of $91,500. Raw materials purchases in April are $504,600, and total factory payroll cost in April is $388,300. Actual overhead costs incurred in April are indirect materials, $52,300; indirect labor, $25,300; factory rent, $34,300; factory utilities, $21,300; and factory equipment depreciation, $55,600. Predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $650,000 cash in April. Prepare journal entries for the month of April's transactions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Stam Company shows the following costs for three jobs worked on in April.
| Job 306 | Job 307 | Job 308 | |
|---|---|---|---|
| Balances on March 31 | |||
| Direct materials (in March) | $ 33,600 | $ 41,900 | |
| Direct labor (in March) | 24,600 | 20,300 | |
| Applied |
12,300 | 10,150 | |
| Costs during April | |||
| Direct materials | 139,600 | 226,900 | $ 102,300 |
| Direct labor | 94,200 | 161,500 | 107,300 |
| Applied overhead | ? | ? | ? |
| Status on April 30 | Finished (sold) | Finished (unsold) | In process |
Additional Information
- Raw Materials Inventory has a March 31 balance of $91,500.
- Raw materials purchases in April are $504,600, and total
factory payroll cost in April is $388,300. - Actual overhead costs incurred in April are indirect materials, $52,300; indirect labor, $25,300; factory rent, $34,300; factory utilities, $21,300; and factory equipment
depreciation , $55,600. - Predetermined overhead rate is 50% of direct labor cost.
- Job 306 is sold for $650,000 cash in April.
Prepare
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