Please show the explanations of how you've obtained the answers.
1 | ||||
Job 306 | Job 307 | Job 308 | April Total | |
From March | ||||
Direct Materials | 30000 | 43000 | 73000 | |
Direct Labor | 20000 | 19000 | 39000 | |
Applied overhead | 10000 | 9500 | 19500 | |
Beginning goods in process | 60000 | 71500 | 0 | 131500 |
For April | ||||
Direct Materials | 136000 | 210000 | 110000 | 456000 |
Direct Labor | 104000 | 150000 | 105000 | 359000 |
Applied overhead | 52000 | 75000 | 52500 | 179500 |
Total costs added in April | 292000 | 435000 | 267500 | 994500 |
Total costs (April 30) | 352000 | 506500 | 267500 | 1126000 |
Status on April 30 | Finished (sold) | Finished (unsold) | In process | |
April 30 cost included in: | Cost of goods sold | Finished goods inventory | Goods in process inventory | |
2 | ||||
Debit | Credit | |||
1 | Raw materials inventory | 580000 | ||
Accounts Payable | 580000 | |||
2 | Work in Process inventory | 456000 | ||
Raw materials inventory | 456000 | |||
3 | Work in Process inventory | 359000 | ||
Cash | 359000 | |||
4 | Factory overhead | 26000 | ||
Cash | 26000 | |||
5 | Work in Process inventory | 179500 | ||
Factory overhead | 179500 | |||
6 | Factory overhead | 57000 | ||
Raw materials inventory | 57000 | |||
7 | Factory overhead | 20000 | ||
Cash | 20000 | |||
8 | Factory overhead | 58000 | ||
Accumulated depreciation -factory equipment |
58000 | |||
9 | Factory overhead | 40000 | ||
Cash | 40000 | |||
10 | Finished goods inventory | 858500 | =352000+506500 | |
Work in Process inventory | 858500 | |||
11 | Cost of goods sold | 352000 | ||
Finished goods inventory | 352000 | |||
12 | Cash | 665000 | ||
Sales | 665000 | |||
13 | Cost of goods sold | 21500 | ||
Factory overhead | 21500 | |||
3 | ||||
Schedule of cost of goods manufactured | ||||
For month ended April 30 | ||||
Direct materials used | 456000 | |||
Direct labor used | 359000 | |||
Factory overhead applied | 179500 | |||
Total manufacturing costs | 994500 | |||
Add: Work in Process, March 31 | 131500 | |||
Total cost of work in Process | 1126000 | |||
Less: Work in Process, April 30 | 267500 | |||
Cost of goods manufactured | 858500 | |||
4A | ||||
Gross Profit | 291500 | |||
4B | ||||
Inventories | ||||
Raw materials | 150000 | =83000+580000-456000-57000 | ||
Work in Process | 267500 | |||
Finished goods | 506500 | |||
Total inventories | 924000 | |||
Workings: | ||||
Actual factory overhead: | ||||
Indirect materials | 57000 | |||
Indirect labor | 26000 | |||
Factory rent | 40000 | |||
Factory utilities | 20000 | |||
Factory depreciation equipment | 58000 | |||
Actual factory overhead | 201000 | |||
Applied overhead | 179500 | |||
Underapplied overhead | 21500 | |||
Sales | 665000 | |||
Less: Cost of goods sold | 352000 | |||
Less: Underapplied overhead | 21500 | |||
Gross Profit | 291500 |
Please show the explanations of how you've obtained the answers. Required information [The following information applies...
Saved 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 $540,000, and factory payroll cost in April is $374,000. Overhead costs incurred in April are: indirect materials, $59,000; Indirect labor. $22,000; factory rent, $40,000; factory utilities, $24,000; and factory equipment depreciation, $52,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $675,000 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 $86,000. Raw materials purchases in April are $540,000, and factory payroll cost in April is $378,000. Overhead costs incurred in April are: indirect materials, $59,000; indirect labor, $24,000; factory rent, $32,000; factory utilities, $22,000; and factory equipment depreciation, $52,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $670,000 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 $550,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are: indirect materials, $56,000: indirect labor $28,000; factory rent, $39.000; factory utilities, $20,000; and factory equipment depreciation. $59.000. 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 $88,000. Raw materials purchases in April are $530,000, and factory payroll cost in April is $388,000. Overhead costs incurred in April are: indirect materials, $54,000; indirect labor, $30,000; factory rent, $31,000; factory utilities, $19,000; and factory equipment depreciation, $56,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $630,000 cash in April. Costs of...
looking for total inventories ! 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 $570,000, and factory payroll cost in April is $385,000. Overhead costs incurred in April are: Indirect materials, $54,000; Indirect labor, $24,000, factory rent, $39,000, factory utilities, $24,000, and factory equipment depreciation, $53,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $685,000...
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 $540,000, and factory payroll cost in April is $374,000. Overhead costs incurred in April are: Indirect materials, $59.000; Indirect labor. $22,000; factory rent, $40,000; factory utilities, $24,000, and factory equipment depreciation, $52.000. 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 $84,000. Raw materials purchases in April are $520,000, and factory payroll cost in April is $388,000. Overhead costs incurred in April are: indirect materials, $56,000; indirect labor, $28,000; factory rent, $37,000; factory utilities, $24,000; and factory equipment depreciation, $61,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $680,000 cash in April. Costs of...
One question with 4 parts: I need all of the journal entries 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...
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 $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...