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 Materials purchases (on credit). Direct materials used. Job 306 $ 26,000 24,000 12,000 View transaction list 131,000 104,000 Journal entry worksheet < 1 2 3 4 5 6 Finished (sold) Job 307 $ 40,000 16,000 8,000 Additional Information a. Raw Materials Inventory has a March 31 balance of $87,000. b. Raw materials purchases in April are $570,000, and total factory payroll cost in April is $386,000. c. Actual overhead costs incurred in April are indirect materials, $51,000; indirect labor, $24,000; factory rent, $35,000; factory utilities, $22,000; and factory equipment depreciation, $57,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $655,000 cash in April. 7 8 210,000 $ 110,000 155,000 103,000 ? Finished (unsold) Direct labor used (and paid in cash) and assigned to Work in Process Inventory. Indirect materials used and assigned to Factory Overhead. Required information -Transfer of Jobs 306 and 307 to Finished Goods Inventory. Cost of goods sold for Job 306. Revenue from the sale of Job 306 received in cash. Close underapplied or overapplied overhead to the Cost of Goods Sold account. Prepare journal entries for the month of April to record the above transactions. Job 308 Record the transfer of Jobs 306 and 307 to Finished Goods Inventory. In process 11

[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 Job 306 $ 34,200 25,200 15,200 Additional Information a. Raw Materials Inventory has a March 31 balance of $85,200. 148,000 90,200 ? Finished (sold) Predetermined overhead rate Overhead applied 306 Job 307 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. $ 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. 307 233,000…

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 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…

Required 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…

Ivanhoe Company begins operations on April 1. Information from job cost sheets shows the following: Manufacturing Costs Assigned Job Number   April   May   June   Month Completed 10   $6,700   $4,600       May 11   4,400   4,200   $3,200   June 12   1,400           April 13       4,900   3,500   June 14       5,600   3,600   Not complete Each job was sold for 25% above its cost in the month following completion. (a)     Calculate the balance in Work in Process Inventory at the end of each month. Work in Process Inventory       April 30   $enter a dollar amount   May 31   $enter a dollar amount   June 30   $enter a dollar amount

larco Company shows the following costs for three jobs orked 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 dditional Information Raw Materials Inventory has a March 31 balance of 85,200. Job 306 $ 34,200 25,200 15,200 5A 148,000 90,200 ? Finished (sold) 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 epreciation, $54,250. Req 5B iterials process 1 goods 'entories Job 307 $ 40,200 23, 200 14,200 Predetermined overhead rate is 50% of direct labor cost. . Job 306 is sold for $648,000 cash in April. Inventories 233,000 163,000 ? Finished (unsold) Compute gross profit for April. how how the three…

Subject  :- Account

AAA

The billing price for job no. 100 per unit amounted to ________

Factory Overhead Rate, Entry for Applying Factory Overhead, and Factory Overhead Account Balance The chief cost accountant for Kenner Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning May 1 would be $3,000,000 and total direct labor costs would be $2,400,000. During May, the actual direct labor cost totaled $198,400 and factory overhead cost incurred totaled $253,200. a.  What is the predetermined factory overhead rate based on direct labor cost? Enter your answer as a whole percent not in decimals.     Identify the activity base for this company. Remember to enter the number as a whole percent not in decimals. b.  Journalize the entry to apply factory overhead to production for May.   Work in Process-Blending Department        Factory Overhead-Blending Department        Feedback   Recall how the predetermined factory overhead is applied to departments. How does the…