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 30Job 306$ 34,20025,20015, 200148,00090,200?Finished(sold)Job 307$ 40,20023, 20014, 200233,000163,000?Finished(unsold)Additional Information3. Raw Materials Inventory has a March 31 balance of$85,200.>. Raw materials purchases in April are $513,000, and totalactory payroll cost in April is $376,000.>. 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, $54,250.1. Predetermined overhead rate is 50% of direct labor cost.e. Job 306 is sold for $648,000 cash in April.aterials purchases (on credit).rect materials used.ect labor used (and paid in cash) and assigned to: in Process Inventory.direct materials used and assigned to Factoryhead.direct labor used (and paid in cash) and assigned to>ry Overhead.erhead costs applied to Work in Process Inventory.tual other overhead costs incurred (Factory rent andes are paid in cash.)ansfer of Jobs 306 and 307 to Finished Goodsitory.st of goods sold for Job 306.venue from the sale of Job 306 received in cash.ose underapplied or overapplied overhead to theof Goods Sold account.epare journal entries for the month of April to recordbove transactions.Job 308$ 113,000118,000?In proces: Additional Informationa. Raw Materials Inventory has a March 31 balance of$85,200.b. 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.d. Predetermined overhead rate is 50% of direct labor cost.e. Job 306 is sold for $648,000 cash in April.a. Materials purchases (on credit).b. Direct materials used.c. Direct labor used (and paid in cash) and assigned toWork in Process Inventory.d. Indirect materials used and assigned to FactoryOverhead.e. Indirect labor used (and paid in cash) and assigned toFactory Overhead.f. Overhead costs applied to Work in Process Inventory.g. Actual other overhead costs incurred (Factory rent andutilities are paid in cash.)h. Transfer of Jobs 306 and 307 to Finished GoodsInventory.i. Cost of goods sold for Job 306.j. Revenue from the sale of Job 306 received in cash.k. Close underapplied or overapplied overhead to theCost of Goods Sold account.3. Prepare journal entries for the month of April to recordthe above transactions.View transaction listJournal entry worksheet<123 4Transaction |Note: Enter debits before credits.5Record the entry for material purchased on credit.General Journal640 M78Dehit11Credit

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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)Costs

The journal entries are prepared to record the transactions on regular basis. The work in process…

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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 Job 306 $ 34,200 25,200 15,200 148,000 90,200 ? Finished Job 307 $ 40,200 23, 200 14,200 Job 308 233,000 $ 113,000 163,000 118,000 ? ? Finished In process

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 Job 306 $ 34,200 25,200 15,200 148,000 90,200 ? Finished Job 307 $ 40,200 23, 200 14,200 Job 308 233,000 $ 113,000 163,000 118,000 ? ? Finished In process

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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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?
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…
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Expedition Company worked on five jobs during May: Jobs A10, B20, C30, D40, and E50. At the end of May, the job cost sheets for these five jobs contained the following data: Beginning balance Charged to the jobs during May: Direct materials Direct labor Manufacturing overhead applied Units completed Units sold during May Job A10 $ 223 $260 $ 240 $ 267 270 0 Cost of goods sold for May Finished goods inventory at the end of May 1 Work in process inventory at the end of May. Job 820 $ 240 $ 240 $ 250 $ 280 0 0 Required: 1. What is the cost of goods sold for May? 2. What is the total value of the finished goods inventory at the end of May? 3. What is the total value of the work in process inventory at the end of May? Note: Round your intermediate calculations to 2 decimal places. Job C30 $ 226 $ 290 $ 155 $ 119 125 125 Job D40 $ 204 $ 185 $ 270 $216 0 Job E50 $ 260 Jobs A10, C30, and E50 were completed during May. Jobs B20 and D40 were incomplete at the end of May. There was no finished.…
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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
Assume a company started and completed numerous jobs during July—one of which was Job Z. The company uses two departmental predetermined overhead rates. The rate in the Machining Department is based on machine-hours and the rate in the Assembly Department is based on direct labor-hours. The following additional information from the month of July is available for the company as a whole and for Jobs Z: Machining Assembly Estimated total fixed manufacturing overhead $ 48,000 $ 30,000 Estimated variable manufacturing overhead per machine-hour $ 1.50 Estimated variable manufacturing overhead per direct labor-hour $ 2.00 Estimated total machine-hours to be used 12,000 Estimated total direct labor hours to be worked 10,000 Job Z Machining Assembly Direct materials $ 1,850 $ 1,900 Direct labor $ 1,400 $ 2,100 Machine-hours 40 Direct labor-hours 60 What is the total job cost for Job Z?