FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Related questions
Concept explainers
Topic Video
Question
![Problem 19-2A (Algo) Computing and recording job costs; preparing schedule of cost of goods
manufactured LO P1, P2, P3, P4
[The following information applies to the questions displayed below.]
Marco Company shows the following costs for three jobs worked on in April.
Job 306
Job 307
Job 308
Balances on March 31
Direct materials used (in March)
$ 32,200
Direct labor used (in March)
Overhead applied (March)
23,200
13,200
$ 38,200
21,200
12,200
Costs during April
Direct labor used
Overhead applied
Direct materials used
143,000
Status on April 30
88,200
?
Finished
(sold)
228,000 $ 108,000
158,000
?
113,000
7
Finished
(unsold)
In process
Additional Information
a. Raw Materials Inventory has a March 31 balance of $83,200.
b. Raw materials purchases in April are $508,000, and total factory payroll cost in April is $371,000.
c. Actual overhead costs incurred in April are indirect materials, $52,000; indirect labor, $25,000; factory rent,
$34,000; factory utilities, $21,000; and factory equipment depreciation, $53,000.
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $643,000 cash in April.
Problem 19-2A (Algo) Part 4
4. Prepare a schedule of cost of goods manufactured for the month ended April 30.](https://content.bartleby.com/qna-images/question/fa255cc1-2d6c-4edc-8525-a61a3148168c/c2ca92f6-adc8-470e-a71c-4bb02f5e449b/jtjupl9_processed.png)
Transcribed Image Text:Problem 19-2A (Algo) Computing and recording job costs; preparing schedule of cost of goods
manufactured LO P1, P2, P3, P4
[The following information applies to the questions displayed below.]
Marco Company shows the following costs for three jobs worked on in April.
Job 306
Job 307
Job 308
Balances on March 31
Direct materials used (in March)
$ 32,200
Direct labor used (in March)
Overhead applied (March)
23,200
13,200
$ 38,200
21,200
12,200
Costs during April
Direct labor used
Overhead applied
Direct materials used
143,000
Status on April 30
88,200
?
Finished
(sold)
228,000 $ 108,000
158,000
?
113,000
7
Finished
(unsold)
In process
Additional Information
a. Raw Materials Inventory has a March 31 balance of $83,200.
b. Raw materials purchases in April are $508,000, and total factory payroll cost in April is $371,000.
c. Actual overhead costs incurred in April are indirect materials, $52,000; indirect labor, $25,000; factory rent,
$34,000; factory utilities, $21,000; and factory equipment depreciation, $53,000.
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $643,000 cash in April.
Problem 19-2A (Algo) Part 4
4. Prepare a schedule of cost of goods manufactured for the month ended April 30.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution
Trending nowThis is a popular solution!
Step by stepSolved in 5 steps with 7 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- 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 Job 306 $ 28,000 21,000 10,500 132,000 102,000 Finished (sold) Job 307 $ 39,000 18,000 9,000 215,000 $ 115,000 152,000 104,000 P In process P Finished (unsold) Job 308 a. Raw Materials Inventory has a March 31 balance of $82,000. b. Raw materials purchases in April are $570,000, and total factory payroll cost in April is $385,000. c. Actual overhead costs incurred in April are indirect materials, $58,000; indirect labor, $27,000; factory rent, $38,000; factory utilities, $22,000; and factory equipment depreciation, $60,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold…arrow_forwardKelley Company shows the following costs for three jobs worked on in April Balances on March 31 Direct materials (in March) Direct labor (in March) Applied overhead (March) Costs during April Direct materials Direct labor Applied overhead Status on April 30 Additional Information Job 306 Job 387 Job 308 $31,000 22,080 11,000 $ 38,000 19,000 9,508 137,000 80,000 7 223,000 155,000 $ 101,000 105,000 7 Finished Finished (sold) (unsold) In process a. Raw Materials Inventory has a March 31 balance of $85,000. b. Raw materials purchases in April are $502,000, and total factory payroll cost in April is $374,000. c. Actual overhead costs incurred in April are Indirect materials, $51,000; Indirect labor. $24,000; factory rent, $33,000; factory utilities. $20,000; and factory equipment depreciation. $53,000. d. Predetermined overhead rate is 50% of direct labor cost e. Job 306 is sold for $610,000 cash in April. Complete this question by entering your answers in the tabs below. Requirement…arrow_forwardMarco 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 Problem 15-2A (Algo) Part 4 MARCO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs Job 306 Total cost of work in process $ 33,800 24,800 14,800 Cost of goods manufactured 147,000 89,800 ? Finished (sold) $ a. Raw Materials Inventory has a March 31 balance of $84,800. b. Raw materials purchases in April are $512,000, and total factory payroll cost in April is $375,000. c. Actual overhead costs incurred in April are indirect materials, $53,000; indirect labor, $26,000; factory rent, $35,000; factory utilities, $22,000; and factory equipment depreciation, $54,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for…arrow_forward
- Job-Order Costing Variables On July 1, Job 46 had a beginning balance of $690. During July, prime costs added to the job totaled $670. Of that amount, direct materials were three times as much as direct labor. The ending balance of the job was $1,500. Required: 1. What was overhead applied to the job during July? 2. What was direct materials for Job 46 for July? Direct labor? If rounding is required, round your answers to the nearest cent. Direct labor Direct materials $ 3. Assuming that overhead is applied on the basis of direct labor cost, what is the overhead rate for the company? Round your answer to the nearest whole percent. %arrow_forwardplease answer do not image formatarrow_forwardExpedition 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 $ 213 $250 $ 230 $ 257 260 0 Job B20 $ 230 $ 230 $ 240 $ 270 0 0 Job C30 $ 222 $ 280 $ 150 $ 118 120 120 Job D40 $ 198 $ 180 $ 260 $212 0 0 Job E50 $255 Required: 1. What is the cost of goods sold for May? Note: Round "Unit product cost" to 2 decimal places and final answer to nearest dollar amount. 2. What is the total value of the finished goods inventory at the end of May? Note: Round "Unit product cost" to 2 decimal places and final answer to nearest dollar amount. 3. What is the total value of the work in process inventory at the end of May? $360 $290 $265 290 240 Jobs A10, C30, and E50 were completed during May. Jobs B20 and D40 were incomplete at the end…arrow_forward
- Metropolitans Manufacturing generated the following activity for July for its current jobs. Total costs accumulated in the Work-in-Process account. Manufacturing overhead was allocated at $32 per machine hour used.1. Complete the Job Costs for each job listed below. Job 123 Job 124 Job 125 Total July 1 Balance $16,230 $12,680 $11,170 $40,080 Direct Materials Used $11,710 $18,920 $11,990 $42,620 Direct Labor Assigned to Jobs $14,520 $21,460 $7,480 $43,460 Manufacturing Overhead allocated to jobs Total Cost per Job Machine Hours used per job 410 390 70 2. Prepare the journal entry for completion of jobs 123 and 124 in July.Journal Date Description Debit Credit Open a T-account for Work-in-Process Inventory.3. Post the journal entry made in above. Compute the ending balance in the Work-in-Process Inventory account on July 31.Work-in-Process Debit Credit Double line Double line 4.…arrow_forwardThe 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 (sold) Job 307 $ 40,200 23, 200 14, 200 233,000 163,000 ? Finished (unsold) Additional Information 3. Raw Materials Inventory has a March 31 balance of $85,200. >. Raw materials purchases in April are $513,000, and total actory payroll cost in April is $376,000. >. 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. 1. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $648,000 cash in April. aterials purchases (on…arrow_forwardDirect Labor Costs August, Carrothers Company accumulated 790 hours of direct labor costs on Job 50 and 500 hours on Job 56. The total direct labor was incurred at a rate of $15 per direct labor hour for Job 50 and $13 per direct labor hour for Job During 56. Journalize the entry to record the flow of labor costs into production during August. If an amount box does not require an entry, leave it blank.arrow_forward
- Applying factory overhead Instructions Chart of Accounts Factory Overhead Journal Instructions Bergan Company estimates that total factory overhead costs will be $620,000 for the year. Direct labor hours are estimated to be 80,0000. Required: a. For Bergan Company, determine the predetermined factory overhead rate using direct labor hours as the activity base. If required, round your answer to two decimal places. b. During May, Bergan Company accumulated 2,500 hours of direct labor costs on Job 200 and 3,000 hours on Job 305. Determine the amount of factory overhead applied to Jobs 200 and 305 in May. c. Prepare the journal entry on May 31 to apply factory overhead to both jobs in May according to the predetermined overhead rate, Refer to the chart accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal…arrow_forwardPlease do not give solution in image format thankuarrow_forwardRequired information [The following information applies to the questions displayed below.) Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's production activities during May follows. a. Purchased raw materials on credit, $220,000. b. Materials requisitions record use of the following materials for the month. Job 136 Job 137 Job 138 Job 139 Job 140 Total direct materials Indirect materials $ 49,500 34,000 20,000 22,800 6,400 132,700 20,500 Total materials requisitions $ 153,200 c. Time tickets record use of the following labor for the month. These wages were paid in cash. Job 136 Job 137 $ 12,100 Job 138 Job 139 Job 140 Total direct labor Indirect labor Total labor cost 10,700 37,900 39,000 4,000 103,700 26,500 $ 130,200 d. Applied overhead to Jobs 136, 138, and 139. e. Transferred Jobs 136, 138, and 139 to Finished Goods Inventory. f. Sold Jobs 136 and 138 on credit at a total price of $540,000. g. Recorded the cost of goods sold for Jobs…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education