FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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.
Job 306
Job 307
$ 31,800
$ 37,800
22,800
20,800
11,800
12,800
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
March
Additional Information
a. Raw Materials Inventory has a March 31 balance of $82,800.
b. Raw materials purchases in April are $507,000, and total factory payroll cost in April is $370,000.
c. Actual overhead costs incurred in April are indirect materials. $51,750; indirect labor, $24.750: factory rent, $33,750;
factory utilities, $20,750; and factory equipment depreciation, $52,750.
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $642,000 cash in April.
Direct materials
Direct labor
2. Determine the total cost assigned to each job as of April 30 (including the balances from March 31).
Overhead applied
Work in process, beginning
April
Direct materials
Direct labor
Overhead applied
Costs added in April
Total costs
Status on April 30
April 30 cost included in:
$
Job 306
142,000
87,800
?
Finished
(sold)
31,800
22,800
12,800
142,000
87,800
229,600
227,000 $107,000
157,000
112,000
?
?
Finished
(unsold) In process
Finished (sold)
$
Job 307
Job 308
37,800
20,800
11,800
Assessment Tool iFrame
157,000
384,000
Finished (unsold)
Job 308
In process
107,000
112,000
219,000
April Total
$
$
0
476,000
356,800
0
832,800
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Transcribed Image Text:Required information [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 $ 31,800 $ 37,800 22,800 20,800 11,800 12,800 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 March Additional Information a. Raw Materials Inventory has a March 31 balance of $82,800. b. Raw materials purchases in April are $507,000, and total factory payroll cost in April is $370,000. c. Actual overhead costs incurred in April are indirect materials. $51,750; indirect labor, $24.750: factory rent, $33,750; factory utilities, $20,750; and factory equipment depreciation, $52,750. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $642,000 cash in April. Direct materials Direct labor 2. Determine the total cost assigned to each job as of April 30 (including the balances from March 31). Overhead applied Work in process, beginning April Direct materials Direct labor Overhead applied Costs added in April Total costs Status on April 30 April 30 cost included in: $ Job 306 142,000 87,800 ? Finished (sold) 31,800 22,800 12,800 142,000 87,800 229,600 227,000 $107,000 157,000 112,000 ? ? Finished (unsold) In process Finished (sold) $ Job 307 Job 308 37,800 20,800 11,800 Assessment Tool iFrame 157,000 384,000 Finished (unsold) Job 308 In process 107,000 112,000 219,000 April Total $ $ 0 476,000 356,800 0 832,800
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