Required information 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 386 Job 387 $ 30,200 $ 36,200 21,200 19,200 11,200 10,200 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 30 138,000 86,200 Finished (sold) 223,000 $ 103,000 153,000 108,000 In process Finished (unsold) Job 308 Additional Information a. Raw Materials Inventory has a March 31 balance of $81,200. b. Raw materials purchases in April are $503,000, and total factory payroll cost in April is $366,000. c. Actual overhead costs incurred in April are Indirect materials, $50,750; Indirect labor, $23,750; factory rent. $32.750 factory utilities, $19.750; and factory equipment depreciation, $51,750. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $638,000 cash in April.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question

Please do not give solution in image format thank you 

Required information
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 387
$36,200
19,200
10,200
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
MARCO COMPANY
Schedule of Cost of Goods Manufactured
For Month Ended April 30
Total manufacturing costs
Total cost of work in process
Job 386
$ 30,200
21,200
11, 200
Cost of goods manufactured
138,000
86,200
?
Finished
(sold)
Additional Information
a. Raw Materials Inventory has a March 31 balance of $81,200.
b. Raw materials purchases in April are $503,000, and total factory payroll cost in April is $366,000.
c. Actual overhead costs incurred in April are Indirect materials, $50,750; Indirect labor, $23.750; factory rent, $32,750:
factory utilities. $19.750; and factory equipment depreciation, $51,750.
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $638.000 cash In April.
$
Problem 19-2A (Algo) Part 4
4. Prepare a schedule of cost of goods manufactured for the month ended April 30.
0
223,000
153,000
0
Finished
(unsold)
0
Job 308
$ 103,000.
108,000
2
In process
Transcribed Image Text:Required information 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 387 $36,200 19,200 10,200 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 MARCO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs Total cost of work in process Job 386 $ 30,200 21,200 11, 200 Cost of goods manufactured 138,000 86,200 ? Finished (sold) Additional Information a. Raw Materials Inventory has a March 31 balance of $81,200. b. Raw materials purchases in April are $503,000, and total factory payroll cost in April is $366,000. c. Actual overhead costs incurred in April are Indirect materials, $50,750; Indirect labor, $23.750; factory rent, $32,750: factory utilities. $19.750; and factory equipment depreciation, $51,750. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $638.000 cash In April. $ Problem 19-2A (Algo) Part 4 4. Prepare a schedule of cost of goods manufactured for the month ended April 30. 0 223,000 153,000 0 Finished (unsold) 0 Job 308 $ 103,000. 108,000 2 In process
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Costing Systems
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.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education