Marco Company shows Job 306 Job 307 Job 308 Balances on March 31 Direct materials used (in March) Direct labor used (in March) $29,000 20,000 $ 35,000 18,000 Costs during April Overhead applied (March) Direct materials used Direct labor used Overhead applied 10,000 9,000 135,000 85,000 ? 220,000 150,000 ? $ 100,000 105,000 ? Finished Status on April 30 Additional Information (sold) Finished (unsold) In process a. Raw Materials Inventory has a March 31 balance of $80,000. b. Raw materials purchases in April are $500,000, and total factory payroll cost in April is $363,000. c. Actual overhead costs incurred in April are indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000; factory utilities, $19,000; and factory equipment depreciation, $51,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $635,000 cash in April.
Marco Company shows Job 306 Job 307 Job 308 Balances on March 31 Direct materials used (in March) Direct labor used (in March) $29,000 20,000 $ 35,000 18,000 Costs during April Overhead applied (March) Direct materials used Direct labor used Overhead applied 10,000 9,000 135,000 85,000 ? 220,000 150,000 ? $ 100,000 105,000 ? Finished Status on April 30 Additional Information (sold) Finished (unsold) In process a. Raw Materials Inventory has a March 31 balance of $80,000. b. Raw materials purchases in April are $500,000, and total factory payroll cost in April is $363,000. c. Actual overhead costs incurred in April are indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000; factory utilities, $19,000; and factory equipment depreciation, $51,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $635,000 cash in April.
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter4: Job-order Costing And Overhead Application
Section: Chapter Questions
Problem 60P: (Appendix 4A) Journal Entries, Job Costs The following transactions occurred during the month of...
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Transcribed Image Text: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
Job 306 Job 307
Job 308
$29,000
$35,000
20,000
10,000
18,000
9,000
135,000
85,000
?
Finished
220,000
150,000
?
$ 100,000
105,000
?
(sold)
Finished
(unsold)
In process
a. Raw Materials Inventory has a March 31 balance of $80,000.
b. Raw materials purchases in April are $500,000, and total factory payroll cost in April is $363,000.
c. Actual overhead costs incurred in April are indirect materials, $50,000; indirect labor, $23,000; factory rent,
$32,000; factory utilities, $19,000; and factory equipment depreciation, $51,000.
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $635,000 cash in April.
4. Prepare a schedule of cost of goods manufactured for the month ended April 30.
MARCO COMPANY
Schedule of Cost of Goods Manufactured
For Month Ended April 30
Total manufacturing costs
Total cost of work in process
Cost of goods manufactured
0
0
$
0
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