[The following information applies to the questionsdisplayed below.]Marco Company shows the following costs for three jobsworked on in April.Balances on March 31Direct materials used (in March)Direct labor used (in March)Overhead applied (March)Costs during AprilDirect materials usedDirect labor usedOverhead appliedStatus on April 30Additional Informationa. Raw Materials Inventory has a March 31 balance of$85,200.MarchDirect materialsDirect laborb. Raw materials purchases in April are $513,000, and totalfactory payroll cost in April is $376,000.c. Actual overhead costs incurred in April are indirectmaterials, $53,250; indirect labor, $26,250; factory rent,$35,250; factory utilities, $22,250; and factory equipmentdepreciation, $54,250.Overhead appliedWork in process, beginningAprilDirect materialsDirect labord. Predetermined overhead rate is 50% of direct labor cost.e. Job 306 is sold for $648,000 cash in April.Overhead appliedCosts added in AprilTotal costsStatus on April 30April 30 cost included in:2. Determine the total cost assigned to each job as of April30 (including the balances from March 31).$Job 306Job 306$ 34,20025,20015,20034,20025,20015,200148,00090,200?Finished(sold)148,00090,200238,200Finished (sold)Job 307$ 40,20023,20014, 200$233,000 $163,000?Finished(unsold)Job 30740,20023,20014,200233,000163,000396,000JFinished (unsold)In the questionscosts for three jobsJob 306$ 34,20025,20015,200148,00090, 200?Finished(sold):h 31 balance ofJob 307$ 40,20023,20014, 200e $513,000, and total10.April are indirect5,250; factory rent,id factory equipment$Finished(unsold)Job 3071% of direct labor cost.in April.d to each job as of Aprilirch 31).233,000 $ 113,000163,000118,000??In process40,20023,20014,200233,000163,0001396,000Finished (unsold)Job 308Job 308In process113,000118,000231,000April Total$$0494,000371,2000865,2000

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Description: [The following information applies to the questionsdisplayed below.]Marco Company shows the following costs for three jobsworked on in April.Balances on March 31Direct materials used (in March)Direct labor used (in March)Overhead applied (March)Cost

The total cost of job is calculated as follows: Total cost = beginning WIP cost + direct materials…

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Accounting

[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 April 30 Job 306 $ 34,200 25,200 15,200 148,000 90,200 ? Finished Job 307 $ 40,200 23,200 14,200 233,000 $ 163,000 ? Finished

[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 April 30 Job 306 $ 34,200 25,200 15,200 148,000 90,200 ? Finished Job 307 $ 40,200 23,200 14,200 233,000 $ 163,000 ? Finished

FINANCIAL ACCOUNTING

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ISBN:9781259964947

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Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 Req 5A Req 5B Job 306 Inventories Raw materials Work in process Finished goods Total inventories $36,600 27,600 17,600 154,000 92,600 ? Finished (sold) a. Raw Materials Inventory has a March 31 balance of $87,600. b. Raw materials purchases in April are $519,000, and total factory payroll cost in April is $382,000. c. Actual overhead costs incurred in April are indirect materials, $54,750; indirect labor, $27,750; factory rent, $36,750; factory utilities, $23,750; and factory equipment depreciation, $55,750. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $654,000…
! 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. Job 7 $ 27,800 22,600 11,300 At June 30 Direct materials Direct labor Overhead applied Additional Information Job 5 $ 16,600 9,600 4,800 Job 6 $ 33,800 15,800 7,900 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $6,800; direct labor, $2,600; and applied overhead, $1,700. 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. c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. Direct labor used in June 2. What is the total cost of direct labor used in June?
At the end of April, Cavy Company had completed Jobs 766 and 765. The individual job cost sheets reveal the following information: Job Direct Materials Direct Labor Machine Hours Job 765 $7,000 $2,100 25 Job 766 11,628 3,672 68 Job 765 produced 150 units, and Job 766 consisted of 340 units. Assuming that factory overhead is applied using machine hours at a rate of $153 per hour. a. Determine the balance on each job cost sheet.Job 765 fill in the blank 1 of 2$Job 766 fill in the blank 2 of 2$ b. Determine the cost per unit for each job at the end of April. Round your answers to the nearest cent.Job 765 fill in the blank 1 of 2$Job 766 fill in the blank 2 of 2$
1. What is the total cost of direct materials requistioned in June? 2. What is the total cost of direct labor used in June? ( please check plagiarism)
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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 $ 15,800 8,800 4,400 Job 6 $ 33,400 15,000 7,500 Job 7 $ 27,400 21,800 10,900 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $6,400; direct labor, $2,200; and applied overhead, $1,300. 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?
[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 a. Raw Materials Inventory has a March 31 balance of $85,200. Job 306 eq 5A $ 34,200 25,200 15,200 148,000 90,200 ? Finished (sold) b. Raw materials purchases in April are $513,000, and total factory payroll cost in April is $376,000. c. 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. Req 5B mpute gross profit for April. profit Job 307 d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $648,000 cash in April. Req 5A $ 40,200 23,200 14, 200 Compute…
A company uses a job costing system and applies overhead to jobs using a predetermined overhead rate based on direct labor-hours. The company had the following inventories at the beginning and end of March: March 1 Direct Materials $30,000 Work in Process $12,000 Finished Goods $54,000 The following additional data pertain to operations during March: Direct materials purchased Direct labor cost Direct labor rate Overhead rate March 31 $36,000 $18,000 $72,000 Choose... $ 84,000 $ 60,000 $7.5 per direct labor hour $10 per direct labor hour The Cost of Goods Manufactured for March was:
on the related cost sheets. SOS US an OT are summ process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $1,710 of indirect materials and $20,710 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month are as follows, in summary form: Job 301 Direct materials Direct labor Factory overhead Total Job 303 Direct materials Direct labor Factory overhead $17,710 6,800 3,740 $28,250 $25,950 7,500 Job 302 Direct materials Direct labor Factory overhead Total Job 304 Direct materials Direct labor Factory overhead $8,280 3,500 1,925 $13,705 $5,100 1,000 Journalize the summary entry to record each of the following operations for March (one entry for each operation): a. Direct and indirect materials used. If an amount box does not require an entry, leave it blank. DUQ b. Direct and indirect labor…
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
As of the end of June, the job cost sheets at Racing Wheels, Inc, show the following total costs accumulated on three custom jobs. Direct materials Direct labor Overhead applied Job 102 $32,000 14,000 5,180 Job 103 27,200 10,064 Job 104 $56,000 43,000 15,910 Job 102 was started in production in Mayand the following costs were assigned to it in May: direct materials, \$13,000 ; direct labor $2,800; and overhead . 103 and 104 were started in JuneOverhead cost is applied with a predetermined rate based direct labor cost. Jobs 102 and 103 were finished in June, and Job 104 is expected to be finished in July. No raw materials were used indirectly in June. Using this information answer the following questions. (Assume this company's predetermined overhead tate did not change across these months.) 182. Complete the table to calculate the cost of the raw materials requisitioned and direct labor cost incurred during June for each of the three jobs? 3. Using the accumulated costs of the jobs,…