1 | ||||
Job 306 | Job 307 | Job 308 | April Total | |
From March | ||||
Direct Materials | 26000 | 44000 | 70000 | |
Direct Labor | 25000 | 13000 | 38000 | |
Applied overhead | 12500 | 6500 | 19000 | |
Beginning goods in process | 63500 | 63500 | 0 | 127000 |
For April | ||||
Direct Materials | 130000 | 200000 | 110000 | 440000 |
Direct Labor | 100000 | 151000 | 104000 | 355000 |
Applied overhead | 50000 | 75500 | 52000 | 177500 |
Total costs added in April | 280000 | 426500 | 266000 | 972500 |
Total costs (April 30) | 343500 | 490000 | 266000 | 1099500 |
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 | 570000 | ||
Accounts Payable | 570000 | |||
2 | Work in Process inventory | 440000 | ||
Raw materials inventory | 440000 | |||
3 | Work in Process inventory | 355000 | ||
Cash | 355000 | |||
4 | Factory overhead | 26000 | ||
Cash | 26000 | |||
5 | Work in Process inventory | 177500 | ||
Factory overhead | 177500 | |||
6 | Factory overhead | 56000 | ||
Raw materials inventory | 56000 | |||
7 | Factory overhead | 22000 | ||
Cash | 22000 | |||
8 | Factory overhead | 58000 | ||
Accumulated depreciation -factory equipment |
58000 | |||
9 | Factory overhead | 32000 | ||
Cash | 32000 | |||
10 | Finished goods inventory | 833500 | ||
Work in Process inventory | 833500 | |||
11 | Cost of goods sold | 343500 | ||
Finished goods inventory | 343500 | |||
12 | Cash | 670000 | ||
Sales | 670000 | |||
13 | Cost of goods sold | 16500 | ||
Factory overhead | 16500 | |||
3 | ||||
Schedule of cost of goods manufactured | ||||
For month ended April 30 | ||||
Direct materials used | 440000 | |||
Direct labor used | 355000 | |||
Factory overhead applied | 177500 | |||
Total manufacturing costs | 972500 | |||
Add: Work in Process, March 31 | 127000 | |||
Total cost of work in Process | 1099500 | |||
Less: Work in Process, April 30 | 266000 | |||
Cost of goods manufactured | 833500 | |||
4.1 | ||||
Gross Profit | 310000 | |||
4.2 | ||||
Inventories | ||||
Raw materials | 156000 | =82000+570000-440000-56000 | ||
Work in Process | 266000 | |||
Finished goods | 490000 | |||
Total inventories | 912000 | |||
Workings: | ||||
Actual factory overhead: | ||||
Indirect materials | 56000 | |||
Indirect labor | 26000 | |||
Factory rent | 32000 | |||
Factory utilities | 22000 | |||
Factory depreciation equipment | 58000 | |||
Actual factory overhead | 194000 | |||
Applied overhead | 177500 | |||
Underapplied overhead | 16500 | |||
Sales | 670000 | |||
Less: Cost of goods sold | 343500 | |||
Less: Underapplied overhead | 16500 | |||
Gross Profit | 310000 |
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 $530,000, and factory payroll cost in April is $387.000. Overhead costs incurred in April are: indirect materials, $55,000 $29,000; factory rent, $34.000; factory utilities, $21,000; and factory equipment depreciation, $55,000. The predetermined overhead rate is 50% of direct labor...
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...
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 $530,000, and factory payroll cost in April is $385,000. Overhead costs incurred in April are: indirect materials, $54,000; indirect labor, $25,000; factory rent, $35,000; factory utilities, $23,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct...
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 $88,000. Raw materials purchases in April are $590,000, and factory payroll cost in April is $379,000. Overhead costs incurred in April are indirect materials, 551,000, indirect labor, $22.000; factory rent, $35,000; factory utilities, $25,000, and factory equipment depreciation, $59,000. The predetermined overhead rate is 50%...
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 $83,000. Raw materials purchases in April are $530,000, and factory payroll cost in April is $386,000. Overhead costs incurred in April are: indirect materials, $53,000; indirect labor, $28,000; factory rent, $39,000; factory utilities, $24,000; and factory equipment depreciation, $53,000. The predetermined overhead rate is 50% of direct...
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 $83,000. Raw materials purchases in April are $530,000, and factory payroll cost in April is $378,000. Overhead costs incurred in April are: indirect materials, $54,000; indirect labor, $23,000; factory rent, $36,000; factory utilities, $21,000; and factory equipment depreciation, $52,000. 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 $84,000. Raw materials purchases in April are $550,000, and factory payroll cost in April is $379,000. Overhead costs incurred in April are: indirect materials, $57,000 indirect labor. $26.000; factory rent, $32,000; factory utilities, $22.000and factory equipment depreciation, $61,000. The predetermined overhead rate is 50% of direct...
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 $520,000, and factory payroll cost in April is $389,000. Overhead costs incurred in April are: indirect materials, $58,000; indirect labor, $29,000; factory rent, $38,000; factory utilities, $23,000; 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%...
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 Aprilare: 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% of direct labor...