1) | Job 306 | Job 307 | Job 308 | April | |||
From March | |||||||
Direct materials | 29,000 | 40,000 | 0 | 69,000 | |||
Direct labor | 23,000 | 15,000 | 0 | 38,000 | |||
applied overhead | 11,500 | 7,500 | 0 | 19,000 | |||
Beginning goods in process | 63,500 | 62,500 | 0 | 126,000 | |||
For April | |||||||
Direct materials | 135,000 | 210,000 | 115,000 | 460,000 | |||
Direct labor | 101,000 | 153,000 | 104,000 | 358,000 | |||
applied overhead | 50500 | 76500 | 52000 | 179,000 | |||
Total costs added in April | 286,500 | 439,500 | 271,000 | 997,000 | |||
total costs (April 30) | 350,000 | 502,000 | 271,000 | 1,123,000 | |||
Satus on april 30 | fin(sold) | fin(unsold) | in process | ||||
April costs included in : | COGS | finished | WIP | ||||
goods | |||||||
2) | TR | General journal | Debit | Credit | |||
a. | Raw materials inventory | 570,000 | |||||
Accounts payable | 570,000 | ||||||
b. | Work in process inventory | 460,000 | |||||
Raw materials inventory | 460,000 | ||||||
c. | Work in process inventory | 358,000 | |||||
Cash | 358,000 | ||||||
d. | Factory overhead | 22,000 | |||||
cash | 22,000 | ||||||
e. | Factory overhead | 179,000 | |||||
work in process inventory | 179,000 | ||||||
f. | Factory overhead | 164,000 | |||||
Raw materials inventory | 51,000 | ||||||
Cash | 60,000 | ||||||
Accumulated Depreciation | 53,000 | ||||||
g. | finished goods inventory | 852,000 | |||||
Work in process inventory | 852,000 | ||||||
h. | Cost of goods sold | 350,000 | |||||
finished goods inventory | 350,000 | ||||||
i. | Cash | 690,000 | |||||
sales | 690,000 | ||||||
j. | cost of goods sold | 7,000 | |||||
Factory overhead | 7,000 | ||||||
3) | Schedule of goods of goods manufactured | ||||||
direct materials used | 460,000 | ||||||
Direct labor used | 358,000 | ||||||
factory overhead applied | 179,000 | ||||||
total manufacturing costs | 997,000 | ||||||
Add:work in process March 31 | 126,000 | ||||||
total cost of work in process | 1,123,000 | ||||||
less:work in process April 30 | 271,000 | ||||||
cost of goods manufactured | 852,000 | ||||||
4) | Gross profit | ||||||
sales | 690,000 | ||||||
less cost of goods sold | 357,000 | ||||||
Gross profit | 333,000 | ||||||
5) | inventories | ||||||
Raw materials | 149,000 | ||||||
work in process | 271,000 | ||||||
finished goods | 502,000 | ||||||
total inventories | 922,000 | ||||||
Working notes | |||||||
Actual overhead | |||||||
indirect material | 51,000 | ||||||
indirect labor | 22,000 | ||||||
depreciation | 53,000 | ||||||
Factory rent | 37,000 | ||||||
factory utilities | 23,000 | ||||||
total | 186,000 | ||||||
overhead applied | 179,000 | ||||||
under applied overhead | 7,000 | ||||||
Raw materials inventory | |||||||
beginning raw materials | 90,000 | ||||||
purchased | 570,000 | ||||||
direct materials used | -460,000 | ||||||
indirect materials used | -51,000 | ||||||
ending raw materials inventory | 149,000 |
Required Information The following information applies to the questions displayed below Marcelino Co.'s March 31 inventory...
Required information The following information applies to the questions displayed below] Marcelino Co.'s March 31 inventory of raw materials is $89,000. Raw materials purchases in April are $600,000, and factory payroll cost in April is $386,000. Overhead costs incurred in April are: indirect materials, $54,000; indirect labor, $24,000; factory rent, $34,000; factory utilities, $22,000; and factory equipment depreciation, $55,000. The predetermined overhead rate is 50 % of direct labor cost. Job 306 is sold for $630,000 cash in April. Costs...
Required information [The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $83,000. Raw materials purchases in April are $590,000, and factory payroll cost in April is $386,000. Overhead costs incurred in April are: indirect materials, $56,000; indirect labor, $28,000; factory rent, $30,000; factory utilities, $24,000; and factory equipment depreciation, $56,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $690,000 cash in April. Costs of...
Required information [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $82,000. Raw materials purchases in April are $580,000, and factory payroll cost in April is $386,000. Overhead costs incurred in April are: indirect materials, $54,000; indirect labor, $24,000; factory rent, $34,000; factory utilities, $22,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $675,000 cash in April. Costs of...
Required information [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $82,000. Raw materials purchases in April are $500,000, and factory payroll cost in April is $387,000. Overhead costs incurred in April are: indirect materials, $58,000; indirect labor, $29,000; factory rent, $36,000; factory utilities, $19,000; and factory equipment depreciation, $52,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $655,000 cash in April. Costs of...
Required information [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $85,000. Raw materials purchases in April are $580,000, and factory payroll cost in April is $385,000. Overhead costs incurred in April are: indirect materials, $59,000; indirect labor, $28,000; factory rent, $33,000; factory utilities, $21,000; and factory equipment depreciation, $52,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $635,000 cash in April. Costs of...
Required information (The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $82,000. Raw materials purchases in April are $500,000, and factory payroll cost in April is $385,000. Overhead costs incurred in April are: indirect materials, $57,000; indirect labor, $25,000; factory rent, $37,000; factory utilities, $20,000; and factory equipment depreciation, $52,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $665,000 cash in April. Costs of...
Required information [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $80,000. Raw materials purchases in April are $500,000, and factory payroll cost in April is $363,000. Overhead costs incurred in April are: indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000; factory utilities, $19,000, and factory equipment depreciation, $51,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $635,000 cash in April. Costs of...
Required information The following information applies to the questions displayed below! Marcelino Co.'s March 31 Inventory of raw materials is $88,000. Raw materials purchases in April are $520,000, and factory payroll cost in April is $389.000. Overhead costs incurred in April are: indirect materials, $51,000; Indirect labor, $27,000; factory rent, $39,000; factory utilities, $20,000, and factory equipment depreciation, $56,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $660,000 cash in April. Costs of...
Required information [The following information applies to the questions displayed below.) Marcelino Co's March 31 inventory of raw materials is $89,000. Raw materials purchases in April are $590,000, and factory payroll cost in April is $377,000. Overhead costs incurred in April are: indirect materials, $51,000; indirect labor, $26,000; factory rent, $34,000; factory utilities, $21,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $665,000 cash in April. Costs of...
Required information [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $85,000. Raw materials purchases in April are $580,000, and factory payroll cost in April is $385,000. Overhead costs incurred in April are: indirect materials, $59,000; indirect labor, $28,000; factory rent, $33,000; factory utilities, $21,000; and factory equipment depreciation, $52,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $635,000 cash in April. Costs of...