1 | ||||
Job 306 | Job 307 | Job 308 | April Total | |
From March | ||||
Direct Materials | 30000 | 42000 | 72000 | |
Direct Labor | 21000 | 19000 | 40000 | |
Applied overhead | 10500 | 9500 | 20000 | |
Beginning goods in process | 61500 | 70500 | 0 | 132000 |
For April | ||||
Direct Materials | 130000 | 200000 | 105000 | 435000 |
Direct Labor | 101000 | 151000 | 105000 | 357000 |
Applied overhead | 50500 | 75500 | 52500 | 178500 |
Total costs added in April | 281500 | 426500 | 262500 | 970500 |
Total costs (April 30) | 343000 | 497000 | 262500 | 1102500 |
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 | 520000 | ||
Accounts Payable | 520000 | |||
2 | Work in Process inventory | 435000 | ||
Raw materials inventory | 435000 | |||
3 | Work in Process inventory | 357000 | ||
Cash | 357000 | |||
4 | Factory overhead | 22000 | ||
Cash | 22000 | |||
5 | Work in Process inventory | 178500 | ||
Factory overhead | 178500 | |||
6 | Factory overhead | 51000 | ||
Raw materials inventory | 51000 | |||
7 | Factory overhead | 21000 | ||
Cash | 21000 | |||
8 | Factory overhead | 56000 | ||
Accumulated depreciation -factory equipment |
56000 | |||
9 | Factory overhead | 38000 | ||
Cash | 38000 | |||
10 | Finished goods inventory | 840000 | ||
Work in Process inventory | 840000 | |||
11 | Cost of goods sold | 343000 | ||
Finished goods inventory | 343000 | |||
12 | Cash | 630000 | ||
Sales | 630000 | |||
13 | Cost of goods sold | 9500 | ||
Factory overhead | 9500 | |||
3 | ||||
Schedule of cost of goods manufactured | ||||
For month ended April 30 | ||||
Direct materials used | 435000 | |||
Direct labor used | 357000 | |||
Factory overhead applied | 178500 | |||
Total manufacturing costs | 970500 | |||
Add: Work in Process, March 31 | 132000 | |||
Total cost of work in Process | 1102500 | |||
Less: Work in Process, April 30 | 262500 | |||
Cost of goods manufactured | 840000 | |||
4A | ||||
Gross Profit | 277500 | |||
4B | ||||
Inventories | ||||
Raw materials | 118000 | =84000+520000-435000-51000 | ||
Work in Process | 262500 | |||
Finished goods | 497000 | |||
Total inventories | 877500 | |||
Workings: | ||||
Actual factory overhead: | ||||
Indirect materials | 51000 | |||
Indirect labor | 22000 | |||
Factory rent | 38000 | |||
Factory utilities | 21000 | |||
Factory depreciation equipment | 56000 | |||
Actual factory overhead | 188000 | |||
Applied overhead | 178500 | |||
Underapplied overhead | 9500 | |||
Sales | 630000 | |||
Less: Cost of goods sold | 343000 | |||
Less: Underapplied overhead | 9500 | |||
Gross Profit | 277500 |
Marcelino Co.'s March 31 inventory of raw materials is $84,000. Raw materials purchases in April are...
Marcelino Co.'s March 31 inventory of raw materials is $84,000. Raw materials purchases in April are $580,000, and factory payroll cost in April is $379,000. Overhead costs incurred in April are: indirect materials, $54,000; indirect labor, $25,000; factory rent, $32,000; 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 $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 $90,000. Raw materials purchases in April are $550,000, and factory payroll cost in April is $383,000. Overhead costs incurred in April are: indirect materials, $53,000; indirect labor, $24,000; factory rent, $31,000; factory utilities, $19,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $685,000 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 $84,000. Raw materials purchases in April are $560,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are: indirect materials, $56,000; indirect labor, $26,000; factory rent, $32,000; factory utilities, $23,000; and factory equipment depreciation, $61,000. 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. (The following information...
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 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 $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 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 $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...
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 $86,000. Raw materials purchases in April are $560,000, and factory payroll cost in April is $378,000. Overhead costs incurred in April are: indirect materials, $51,000; indirect labor, $23,000; factory rent, $33,000; factory utilities, $24,000; and factory equipment depreciation, $53,00o. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $630,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job...