FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- 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…arrow_forwardEntries for Materials GenX Furnishings manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June 1 from the materials ledger are as follows: Fabric Polyester filling Lumber Glue The materials purchased during June are summarized from the receiving reports as follows: Fabric Polyester filling Lumber Glue Job 601 $40,500 28,600 62,400 6,550 Materials were requisitioned to individual jobs as follows: Job 602 Job 603 $440,000 180,000 360,000 40,000 Fabric $205,000 110,000 130,000 Polyester Filling Lumber $75,000 $120,000 36,000 88,000 55,000 125,000 Glue Total $400,000 234,000 310,000arrow_forwardRaw materials $9.800 Work in process 65,847 Finished goods 30,640 Work in process consisted of the following jobs: Job 22 Job 24 Job 25 $4,800 Direct materials $6,200 Direct labour $5,190 9,210 6,447 10,500 7,350 9,500 Applied overhead 6,650 Total $24,050 $20,847 $20,950 Number of units 20 40 30 Finished goods consisted of Job 23, with the following costs: Job 23 Direct materials $8,200 Direct labour 13,200 Applied overhead 9,240 Total $30,640 50 Number of units Shown below are the direct cost data related to jobs started in October: Direct materials Job 26 $5,180 $11,200 Job 27 Job 28 $5,600 $4,200 $9,340 $5,910 Total $14,980 $26,450 Direct labour Number of units 20 30 20arrow_forward
- 42 ABC Company uses a job-order costing system and a predetermined overhead rate based on machine hours. At the beginning of 2022, ABC estimated that manufacturing overhead for the year would be P4,800,000 and machine hours would be 80,000. The following information pertains to April 2022: Job #1 Job #2 Job #3 Work in process, April 1 P320,000 P520,000 P760,000 April production: Direct materials requisitioned 80,000 96,000 144,000 Direct labor costs 48,000 72,000 90,000 Machine hours 400 700 900 Actual overhead costs incurred during April amounted to P125,000. During April, jobs 1 and 3 were completed. Job 1 was delivered to a customer and an invoice for P800,000 was billed. Any over- or under-applied overhead is considered to be insignificant. How much is the cost of goods manufactured in April? How much is the adjusted gross profit in April?arrow_forwardCurrent Attempt in Progress Job 400 Job 401 Job 402 Direct Materials $200 $21/hour O $10/hour O $16/hour O $18/hour 250 500 Direct Labour Cost $800 200 600 Direct Labour Hours 40 10 32 Sparkle Company uses job costing and applies overhead using an actual costing system using direct labour hours as the allocation base. This period's estimated overhead cost is $400,000, estimated direct labour cost is $500,000 and estimated direct labour hours are 25,000. This period's actual overhead cost was $420,000, actual direct labour cost was $390,000, and actual direct labour hours were 20,000. What is the overhead allocation rate?arrow_forwardQuestion Content Area Journalize the entries to record the following transactions: Mar. 10: 600 units of raw materials were purchased on account at $5.50 per unit. Mar. 15: 500 units of raw materials were requisitioned at $6.00 per unit for production, Job 872. Mar. 25: 400 units of raw materials were requisitioned at $5.50 per unit for production, Job 879. If an amount box does not require an entry, leave it blank.arrow_forward
- just answer no 4 5 6arrow_forwardi need the answer quicklyarrow_forward20 EXERCISES Soved Prepare jourmal entries to record the following production activities for Hotwax. 1. Incurred $145,000 of direct labor in its Mixing department and $70,000 of direct labor in its Shapi Wages Payable). 2 Incured indirect labor of $11,500 (credit Factory Wages Payable). 3. Total factory payroll of $226,500 was paid in cash. View transaction list Journal entry worksheet 1 Record direct labor used, but not yet paid. Note: Enter debits before credits. Transaction General Journal Debit Credit Work in process inventory-Shaping 70,000 Work in process inventory-Mixing < Prev 6 of 8 Next search 0 門arrow_forward
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