1 | ||||
Job 306 | Job 307 | Job 308 | April Total | |
From March | ||||
Direct Materials | 28000 | 39000 | 67000 | |
Direct Labor | 23000 | 16000 | 39000 | |
Applied overhead | 11500 | 8000 | 19500 | |
Beginning goods in process | 62500 | 63000 | 0 | 125500 |
For April | ||||
Direct Materials | 140000 | 220000 | 105000 | 465000 |
Direct Labor | 101000 | 154000 | 104000 | 359000 |
Applied overhead | 50500 | 77000 | 52000 | 179500 |
Total costs added in April | 291500 | 451000 | 261000 | 1003500 |
Total costs (April 30) | 354000 | 514000 | 261000 | 1129000 |
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 | 550000 | ||
Accounts Payable | 550000 | |||
2 | Work in Process inventory | 465000 | ||
Raw materials inventory | 465000 | |||
3 | Work in Process inventory | 359000 | ||
Cash | 359000 | |||
4 | Factory overhead | 24000 | ||
Cash | 24000 | |||
5 | Work in Process inventory | 179500 | ||
Factory overhead | 179500 | |||
6 | Factory overhead | 53000 | ||
Raw materials inventory | 53000 | |||
7 | Factory overhead | 19000 | ||
Cash | 19000 | |||
8 | Factory overhead | 59000 | ||
Accumulated depreciation -factory equipment |
59000 | |||
9 | Factory overhead | 31000 | ||
Cash | 31000 | |||
10 | Finished goods inventory | 868000 | ||
Work in Process inventory | 868000 | |||
11 | Cost of goods sold | 354000 | ||
Finished goods inventory | 354000 | |||
12 | Cash | 685000 | ||
Sales | 685000 | |||
13 | Cost of goods sold | 6500 | ||
Factory overhead | 6500 | |||
3 | ||||
Schedule of cost of goods manufactured | ||||
For month ended April 30 | ||||
Direct materials used | 465000 | |||
Direct labor used | 359000 | |||
Factory overhead applied | 179500 | |||
Total manufacturing costs | 1003500 | |||
Add: Work in Process, March 31 | 125500 | |||
Total cost of work in Process | 1129000 | |||
Less: Work in Process, April 30 | 261000 | |||
Cost of goods manufactured | 868000 | |||
4.1 | ||||
Gross Profit | 324500 | |||
4.2 | ||||
Inventories | ||||
Raw materials | 122000 | =90000+550000-465000-53000 | ||
Work in Process | 261000 | |||
Finished goods | 514000 | |||
Total inventories | 897000 | |||
Workings: | ||||
Actual factory overhead: | ||||
Indirect materials | 53000 | |||
Indirect labor | 24000 | |||
Factory rent | 31000 | |||
Factory utilities | 19000 | |||
Factory depreciation equipment | 59000 | |||
Actual factory overhead | 186000 | |||
Applied overhead | 179500 | |||
Underapplied overhead | 6500 | |||
Sales | 685000 | |||
Less: Cost of goods sold | 354000 | |||
Less: Underapplied overhead | 6500 | |||
Gross Profit | 324500 |
Marcelino Co.'s March 31 inventory of raw materials is $90,000. Raw materials purchases in April are...
Marcelino Co.'s March 31 inventory of raw materials is $90,000. Raw materials purchases in April are $510,000, and factory payroll cost in April is $381,000. Overhead costs incurred in April are: indirect materials, $53,000; indirect labor, $25,000; factory rent, $36,000; factory utilities, $24,000; and factory equipment depreciation, $55,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $655,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job...
Marcelino Co.'s March 31 inventory of raw materials is $86,000. Raw materials purchases in April are $570,000, and factory payroll cost in April is $379,000. Overhead costs incurred in April are: indirect materials, $52,000; indirect labor, $24,000; factory rent, $30,000; 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 $695,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job...
Marcelino Co.'s March 31 inventory of raw materials is $85,000. Raw materials purchases in April are $530,000, and factory payroll cost in April is $385,000. Overhead costs incurred in April are: indirect materials, $58,000; indirect labor, $28,000; factory rent, $30,000; factory utilities, $20,000; and factory equipment depreciation, $58,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $700,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job...
Marcelino Co.'s March 31 inventory of raw materials is $90,000. Raw materials purchases in April are $510,000, and factory payroll cost in April is $381,000. Overhead costs incurred in April are: indirect materials, $53,000; indirect labor, $25,000; factory rent, $36,000; factory utilities, $24,000; and factory equipment depreciation, $55,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $655,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job...
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 $388,000. Overhead costs incurred in April are: indirect materials, $56,000; indirect labor, $28,000; factory rent, $31,000; factory utilities, $19,000; and factory equipment depreciation, $54,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $645,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job...
Marcelino Co.'s March 31 inventory of raw materials is $89,000. Raw materials purchases in April are $540,000, and factory payroll cost in April is $390,000. Overhead costs incurred in April are: indirect materials, $53,000; indirect labor, $28,000; factory rent, $30,000; factory utilities, $22,000; and factory equipment depreciation, $60,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $690,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job...
Marcelino Co.'s March 31 inventory of raw materials is $90,000. Raw materials purchases in April are $510,000, and factory payroll cost in April is $381,000. Overhead costs incurred in April are: indirect materials, $53,000; indirect labor, $25.000; factory rent, $36,000; factory utilities, $24,000, and factory equipment depreciation, $55,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $655,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job...
Check my won Marcelino Co.'s March 31 inventory of raw materials is $90,000. Raw materials purchases in April are $520,000, and factory payroll cost in April is $375,000. Overhead costs incurred in April are: indirect materials, $56,000; indirect labor, $22,000, factory rent, $34,000; factory utilities, $22,000, and factory equipment depreciation, $56,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $635,000 cash in April. Costs of the three jobs worked on in April follow...
Marcelino Co.'s March 31 inventory of raw materials is $80,000. 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, $50,000; indirect labor, $26,000; factory rent, $33,000; factory utilities, $19,000; and factory equipment depreciation, $57,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $675,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job...
Marcelino Co.'s March 31 inventory of raw materials is $81,000. Raw materials purchases in April are $530,000, and factory payroll cost in April is $380,000. Overhead costs incurred in April are: indirect materials, $51,000; indirect labor, $22,000; factory rent, $40,000; factory utilities, $21,000, and factory equipment depreciation, $60,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $660,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job...