306 | 307 | 308 | total | |
Balances on March 31 | ||||
Direct materials | $ 30,000 | $ 44,000 | $ 74,000 | |
Direct labor | $ 23,000 | $ 18,000 | $ 41,000 | |
Applied overhead | $ 11,500 | $ 9,000 | $ 20,500 | |
Beginning goods in process | $ 64,500 | $ 71,000 | $ - | $ 135,500 |
For April | ||||
Direct materials | $ 132,000 | $ 210,000 | $ 105,000 | $ 447,000 |
Direct labor | $ 103,000 | $ 153,000 | $ 103,000 | $ 359,000 |
Applied overhead(50%*dl) | $ 51,500 | $ 76,500 | $ 51,500 | $ 179,500 |
total costs added in april | $ 286,500 | $ 439,500 | $ 259,500 | $ 985,500 |
total costs-apr 30 | $ 351,000 | $ 510,500 | $ 259,500 | $ 1,121,000 |
status | finished(sold) | finished(unsold) | In Process | |
april 30 costs included in | COGS | finished goods inventory | WIP inventory |
No. | Accounts | debit | credit |
a | Raw material inventory | $ 570,000 | |
accounts payable | $ 570,000 | ||
b | Work in process inventory | $ 447,000 | |
raw materials inventory | $ 447,000 | ||
c | Work in process inventory | $ 359,000 | |
cash | $ 359,000 | ||
d | Factory overhead | $ 24,000 | |
cash | $ 24,000 | ||
e | Work in process inventory | $ 179,500 | |
Factory overhead | $ 179,500 | ||
f(1) | Factory overhead | $ 59,000 | |
Raw materials inventory | $ 59,000 | ||
f(2) | Factory overhead | $ 21,000 | |
cash | $ 21,000 | ||
f(3) | Factory overhead | $ 55,000 | |
Accumulated depreciation-factory equipment | $ 55,000 | ||
f(4) | Factory overhead | $ 31,000 | |
cash | $ 31,000 | ||
g | Finished goods inventory | $ 861,500 | |
Work in process inventory | $ 861,500 | ||
(351000+510500) | |||
h | Cost of goods sold | $ 351,000 | |
finished goods inventory | $ 351,000 | ||
i | Cash | $ 660,000 | |
sales | $ 660,000 | ||
j | Cost of goods sold | $ 12,500 | |
factory overhead | $ 12,500 |
Overhead applied to jobs | $ 179,500 | |
Overhead incurred | ||
Indirect materials | $ 59,000 | |
Indirect labor | $ 24,000 | |
Factory rent | $ 31,000 | |
Factory utilities | $ 21,000 | |
Factory equip. depreciation. | $ 55,000 | $ 190,000 |
Underapplied overhead | $ 12,500 | |
Ques 3 | ||
Marcelino company | ||
Schedule of cost of goods manufactured | ||
For the month ended april 30 | ||
Direct materials used | 447,000 | |
direct labor used | 359,000 | |
factory overhead applied | 179,500 | |
total manufacturing costs | 985,500 | |
Add:work in process march 31 | 135,500 | |
total cost of work in process | 1,121,000 | |
less:work in process april 30 | 259,500 | |
cost of goods manufactured | 861,500 | |
Ques 4 | ||
Sales | $ 660,000 | |
Less:cost of goods sold | $ (363,500) | 12500+351000 |
Gross Profit | $ 296,500 | |
Gross Profit% | 45% |
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 $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 $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...
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 $560,000, and factory payroll cost in April is $376,000. Overhead costs incurred in April are: indirect materials, $55,000; indirect labor, $21,000; factory rent, $38,000; factory utilities, $24,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $640,000 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...
[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...
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 $510,000, and factory payroll cost in April is $381,000. Overhead costs incurred in April are: indirect materials, $58,000; indirect labor, $25,000; factory rent, $37,000; factory utilities, $24,000; and factory equipment depreciation, $54,000. 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 $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...
Prepare journal entries for the month of April to record the above transactions 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 $600,000, and factory payroll cost in April is $385,000. Overhead costs incurred in April are: indirect materials, $55,000; indirect labor, $22,000; factory rent, $33,000; factory utilities, $23,000; and factory equipment depreciation, $57,000. The predetermined overhead rate is 50% of direct...
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...