Required information
Problem 15-1A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4
[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 $560,000, and factory payroll cost
in April is $388,000. Overhead costs incurred in April are:
indirect materials, $59,000; indirect labor, $28,000; factory rent,
$39,000; factory utilities, $21,000; and factory equipment
depreciation, $57,000. The predetermined overhead rate is 50% of
direct labor cost. Job 306 is sold for $670,000 cash in April.
Costs of the three jobs worked on in April follow.
Job 306 | Job 307 | Job 308 | ||||||||||
Balances on March 31 | ||||||||||||
Direct materials | $ | 29,000 | $ | 40,000 | ||||||||
Direct labor | 23,000 | 15,000 | ||||||||||
Applied overhead | 11,500 | 7,500 | ||||||||||
Costs during April | ||||||||||||
Direct materials | 136,000 | 200,000 | $ | 115,000 | ||||||||
Direct labor | 104,000 | 151,000 | 105,000 | |||||||||
Applied overhead | ? | ? | ? | |||||||||
Status on April 30 | Finished (sold) | Finished (unsold) | In process | |||||||||
Problem 15-1A Part 1
Required:
1. Determine the total of each production cost
incurred for April (direct labor, direct materials, and applied
overhead), and the total cost assigned to each job (including the
balances from March 31).
Answer | ||||
Job 306 |
Job 307 | Job 308 | April Total | |
From March | ||||
Direct Materials | $ 29,000 | $ 40,000 | $ 69,000 | |
Direct Labor | $ 23,000 | $ 15,000 | $ 38,000 | |
Applied overhead | $ 11,500 | $ 7,500 | $ 19,000 | |
Beginning goods in process | $ 63,500 | $ 62,500 | $ - | $ 126,000 |
For April | ||||
Direct Materials | $ 136,000 | $ 200,000 | $ 115,000 | $ 451,000 |
Direct Labor | $ 104,000 | $ 151,000 | $ 105,000 | $ 360,000 |
Applied overhead | $ 52,000 | $ 75,500 | $ 52,500 | $ 180,000 |
Total costs added in April | $ 292,000 | $ 426,500 | $ 272,500 | $ 991,000 |
Total costs (April 30) | $ 355,500 | $ 489,000 | $ 272,500 | $ 1,117,000 |
Status on April 30 | Finished (sold) | Finished (unsold) | In process | |
April 30 cost included in: | Cost of goods sold | Finished goods inventory | Work in process inventory | |
Required information Problem 15-1A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4...
Required information Problem 15-1A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4 [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 $560,000, and factory payroll cost in April is $388,000. Overhead costs incurred in April are: indirect materials, $59,000; indirect labor, $28,000; factory rent, $39,000; factory utilities, $21,000; and factory equipment depreciation, $57,000. The predetermined overhead rate is 50% of...
Required Information Problem 02-1A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4 (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 $540,000, and factory payroll cost In April is $376,000. Overhead costs incurred in Aprilare: Indirect materials, $60,000, Indirect labor, $22,000 factory rent, $39.000; factory utilities. $23.000, and factory equipment depreciation, 561,000. The predetermined overhead rate is 50% of direct...
Required information Problem 02-1A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4 (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 $600,000, and factory payroll cost in April is $378,000. Overhead costs incurred in April are: indirect materials, $60,000; indirect labor, $24,000; factory rent, $34,000; factory utilities, $20,000; and factory equipment depreciation, $56,000. The predetermined overhead rate is 50% of...
Required information Problem 15-1A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4 (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 $381,000. Overhead costs incurred in April are: indirect materials, $56,000; indirect labor, $26,000; factory rent, $32,000; factory utilities, $22,000; and factory equipment depreciation, $58,000. The predetermined overhead rate is 50% of...
Required information Problem 15-1A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4 (The following information applies to the questions displayed below) Marcelino Co's March 31 inventory of raw materials is $87000. Raw materials purchases in April are $560,000, and factory payroll cost in April is $384.000. Overhead costs incurred in April are Indirect materials, $53,000, indirect labor. $27,000; factory rent. $40,000; factory utilities, $21.000; and factory equipment depreciation, $54,000. The predetermined overhead rate is 50% of...
Required informationProblem 02-1A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4[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 $570,000, and factory payroll cost in April is $380,000. Overhead costs incurred in April are: indirect materials, $52,000; indirect labor, $22,000; factory rent, $37,000; factory utilities, $19,000; and factory equipment depreciation, $52,000. The predetermined overhead rate is 50% of direct labor cost....
Required information Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 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 $560,000, and factory payroll cost in April is $385,000. Overhead costs incurred in April are: indirect materials, $58,000; Indirect labor $29,000; factory rent, $30,000; factory utilities, $22,000, and factory equipment depreciation, $54,000. The predetermined overhead rate is 50%...
Required information Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 (The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $87,000. Raw materials purchases in April are $550,000, and factory payroll cost in April is $384,000. Overhead costs incurred in April are: indirect materials, $55,000; indirect labor, $27,000; factory rent, $37,000; factory utilities, $23,000; and factory equipment depreciation, $55,000. The predetermined overhead rate is 50%...
Required information Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 [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 $530,000, and factory payroll cost in April is $382.000. Overhead costs incurred in April are indirect materials, $53,000, indirect labor, $27,000, factory rent, $36.000, factory utilities, $22,000, and factory equipment depreciation, $52,000. The predetermined overhead rate is 50%...
Required information Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 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 $530,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are indirect materials, $53,000, indirect labor, $27,000, factory rent, $36,000, factory utilities, $22,000, and factory equipment depreciation, $52,000. The predetermined overhead rate is 50%...