FINANCIAL ACCOUNTING
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ISBN: 9781259964947
Author: Libby
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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
Additional Information
a. Raw Materials Inventory has a March 31 balance of
$85,200.
Job 306
MARCO COMPANY
Schedule of Cost of Goods Manufactured
For Month Ended April 30
$ 34,200
25,200
15,200
nanufacturing costs
148,000
90, 200
?
Finished
(sold)
cost of work in process
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.
of goods manufactured
Job 307
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $648,000 cash in April.
$ 40,200
23,200
14, 200
233,000
163,000
?
Finished.
(unsold)
epare a schedule of cost of goods manufactured for the
th ended April 30.
Job 308
$ 113,000
118,00
?
In proces](https://content.bartleby.com/qna-images/question/dcedbc99-6485-448d-9368-cdc46c19d44c/76e275dd-1fa9-4e55-9bcf-445773987843/818aruf_processed.jpeg)
Transcribed Image Text:[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
MARCO COMPANY
Schedule of Cost of Goods Manufactured
For Month Ended April 30
$ 34,200
25,200
15,200
nanufacturing costs
148,000
90, 200
?
Finished
(sold)
cost of work in process
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.
of goods manufactured
Job 307
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $648,000 cash in April.
$ 40,200
23,200
14, 200
233,000
163,000
?
Finished.
(unsold)
epare a schedule of cost of goods manufactured for the
th ended April 30.
Job 308
$ 113,000
118,00
?
In proces
![[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
MARCO COMPANY
Schedule of Cost of Goods Manufactured
For Month Ended April 30
$ 34,200
25,200
15,200
Total manufacturing costs
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.
Total cost of work in process
Cost of goods manufactured
Job 307
$ 40,200
23,200
14,200
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $648,000 cash in April.
Finished
(unsold)
4. Prepare a schedule of cost of goods manufactured for the
month ended April 30.
233,000 $
163,000
?
J₁
In](https://content.bartleby.com/qna-images/question/dcedbc99-6485-448d-9368-cdc46c19d44c/76e275dd-1fa9-4e55-9bcf-445773987843/51k7qxc_processed.jpeg)
Transcribed Image Text:[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
MARCO COMPANY
Schedule of Cost of Goods Manufactured
For Month Ended April 30
$ 34,200
25,200
15,200
Total manufacturing costs
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.
Total cost of work in process
Cost of goods manufactured
Job 307
$ 40,200
23,200
14,200
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $648,000 cash in April.
Finished
(unsold)
4. Prepare a schedule of cost of goods manufactured for the
month ended April 30.
233,000 $
163,000
?
J₁
In
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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…arrow_forwardEntries for Costs in a Job Order Cost System Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: a. Materials purchased on account, $770,000. b. Materials requisitioned, $680,000, of which $75,800 was for general factory use. c. Factory labor used, $756,000, of which $182,000 was indirect. d. Other costs incurred on account for factory overhead, $245,000; selling expenses, $171,500; and administrative expenses, $110,600. e. Prepaid expenses expired for factory overhead were $24,500; for selling expenses, $28,420; and for administrative expenses, $16,660. f. Depreciation of factory equipment was $49,500; of office equipment, $61,800; and of office building, $14,900. g. Factory overhead costs applied to jobs, $568,500. h. Jobs completed, $1,500,000. i. Cost of goods sold, $1,375,000. Required: Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it…arrow_forwardEntries and Schedules for Unfinished Jobs and Completed Jobs Tybee Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations: Materials purchased on account, $1,960. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $3,330 $2,800 302 4,060 3,780 303 2,700 1,850 304 9,120 6,940 305 5,790 5,290 306 4,230 3,360 For general factory use 1,130 4,140 Factory overhead costs incurred on account, $6,360. Depreciation of machinery and equipment, $1,990. The factory overhead rate is $75 per machine hour. Machine hours used: Job Machine Hours 301 25 302 24 303 38 304 68 305 27 306 44 Total 226 Jobs completed: 301, 302, 303, and 305. Jobs were shipped and customers were billed as follows: Job 301, $9,610; Job 302, $11,570; Job 303, $21,460. Required: 1. Journalize the entries…arrow_forward
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