2.
Transaction | Account Titles | Debit | Credit |
$ | $ | ||
a. | Raw Materials Inventory | 500,000 | |
Accounts Payable | 500,000 | ||
b. | Work in Process Inventory | 455,000 | |
Raw Materials Inventory | 455,000 | ||
c. | Work in Process Inventory | 340,000 | |
Cash | 340,000 | ||
d. | Factory Overhead | 23,000 | |
Cash | 23,000 | ||
e. | Work in Process Inventory | 170,000 | |
Factory Overhead | 170,000 | ||
f.i. | Factory Overhead | 50,000 | |
Raw Materials Inventory | 50,000 | ||
f. ii. | Factory Overhead | 19,000 | |
Cash | 19,000 | ||
f. iii. | Factory Overhead | 51,000 | |
Accumulated Depreciation: Factory Equipment | 51,000 | ||
f. iv. | Factory Overhead | 32,000 | |
Cash | 32,000 | ||
g. | Finished Goods Inventory | 828,500 | |
Work in Process Inventory | 828,500 | ||
h. | Cost of Goods Sold | 321,500 | |
Finished Goods Inventory | 321,500 | ||
i. | Cash | 635,000 | |
Sales | 635,000 | ||
j. | Cost of Goods Sold | 5,000 | |
Factory Overhead | 5,000 |
Workings:
Overhead applied | $ 170,000 | |
Overhead incurred | ||
Indirect materials | $ 50,000 | |
Indirect labor | 23,000 | |
Factory rent | 32,000 | |
Factory utilities | 19,000 | |
Depreciation: Factory Equipment | 51,000 | 175,000 |
Underapplied overhead | $ 5,000 |
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 $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...
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 $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 $90,000. Raw materials purchases in April are $520,000, and factory payroll cost in April is $386.000. Overhead costs incurred in April are: indirect materials, $54,000; indirect labor, $27.000; factory rent, $35.000; factory utilities, $20,000; and factory equipment depreciation, $54,000. 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 $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...
9 [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 $520,000, and factory payroll cost in April is $380,000. Overhead costs incurred in April are: indirect materials $53,000; indirect labor, $21000; factory rent, $39,000; factory utilities, $22,000, and factory equipment depreciation, $57,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $640,000 cash in April. Costs of the...
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...
[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 $520,000, and factory payroll cost in April is $365,000. Overhead costs incurred in April are: indirect materials, $51,000; indirect labor, $26,000; factory rent, $39,000; factory utilities, $21,000; and factory equipment depreciation, $56,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $675,000 cash in April. Costs of the three...