1 | ||||
Job 306 | Job 307 | Job 308 | April Total | |
From March | ||||
Direct Materials | 27000 | 40000 | 67000 | |
Direct Labor | 21000 | 13000 | 34000 | |
Applied overhead | 10500 | 6500 | 17000 | |
Beginning goods in process | 58500 | 59500 | 0 | 118000 |
For April | ||||
Direct Materials | 131000 | 210000 | 115000 | 456000 |
Direct Labor | 102000 | 151000 | 101000 | 354000 |
Applied overhead | 51000 | 75500 | 50500 | 177000 |
Total costs added in April | 284000 | 436500 | 266500 | 987000 |
Total costs (April 30) | 342500 | 496000 | 266500 | 1105000 |
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 | ||||
General Journal | Debit | Credit | ||
1 | Raw materials inventory | 540000 | ||
Accounts Payable | 540000 | |||
2 | Work in Process inventory | 456000 | ||
Raw materials inventory | 456000 | |||
3 | Work in Process inventory | 354000 | ||
Cash | 354000 | |||
4 | Factory overhead | 24000 | ||
Cash | 24000 | |||
5 | Work in Process inventory | 177000 | ||
Factory overhead | 177000 | |||
6 | Factory overhead | 59000 | ||
Raw materials inventory | 59000 | |||
7 | Factory overhead | 22000 | ||
Cash | 22000 | |||
8 | Factory overhead | 52000 | ||
Accumulated depreciation -factory equipment |
52000 | |||
9 | Factory overhead | 32000 | ||
Cash | 32000 | |||
10 | Finished goods inventory | 838500 | ||
Work in Process inventory | 838500 | |||
11 | Cost of goods sold | 342500 | ||
Finished goods inventory | 342500 | |||
12 | Cash | 670000 | ||
Sales | 670000 | |||
13 | Cost of goods sold | 12000 | ||
Factory overhead | 12000 | |||
3 | ||||
Schedule of cost of goods manufactured | ||||
For month ended April 30 | ||||
Direct materials used | 456000 | |||
Direct labor used | 354000 | |||
Factory overhead applied | 177000 | |||
Total manufacturing costs | 987000 | |||
Add: Work in Process, March 31 | 118000 | |||
Total cost of work in Process | 1105000 | |||
Less: Work in Process, April 30 | 266500 | |||
Cost of goods manufactured | 838500 | |||
4A | ||||
Gross Profit | 315500 | |||
4B | ||||
Inventories | ||||
Raw materials | 111000 | =86000+540000-456000-59000 | ||
Work in Process | 266500 | |||
Finished goods | 496000 | |||
Total inventories | 873500 | |||
Workings: | ||||
Actual factory overhead: | ||||
Indirect materials | 59000 | |||
Indirect labor | 24000 | |||
Factory rent | 32000 | |||
Factory utilities | 22000 | |||
Factory depreciation equipment | 52000 | |||
Actual factory overhead | 189000 | |||
Applied overhead | 177000 | |||
Underapplied overhead | 12000 | |||
Sales | 670000 | |||
Less: Cost of goods sold | 342500 | |||
Less: Underapplied overhead | 12000 | |||
Gross Profit | 315500 |
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 $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 $84,000. 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, $58,000; indirect labor, $27,000; factory rent, $39,000; 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 $82,000. Raw materials purchases in April are $580,000, 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, $59,000. 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 $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 $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 $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 $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 $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...
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...