1 | ||||
Job 306 | Job 307 | Job 308 | April Total | |
From March | ||||
Direct Materials | 25000 | 43000 | 68000 | |
Direct Labor | 24000 | 15000 | 39000 | |
Applied overhead | 12000 | 7500 | 19500 | |
Beginning goods in process | 61000 | 65500 | 0 | 126500 |
For April | ||||
Direct Materials | 137000 | 210000 | 110000 | 457000 |
Direct Labor | 100000 | 151000 | 102000 | 353000 |
Applied overhead | 50000 | 75500 | 51000 | 176500 |
Total costs added in April | 287000 | 436500 | 263000 | 986500 |
Total costs (April 30) | 348000 | 502000 | 263000 | 1113000 |
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 | 457000 | ||
Raw materials inventory | 457000 | |||
3 | Work in Process inventory | 353000 | ||
Cash | 353000 | |||
4 | Factory overhead | 23000 | ||
Cash | 23000 | |||
5 | Work in Process inventory | 176500 | ||
Factory overhead | 176500 | |||
6 | Factory overhead | 53000 | ||
Raw materials inventory | 53000 | |||
7 | Factory overhead | 19000 | ||
Cash | 19000 | |||
8 | Factory overhead | 54000 | ||
Accumulated depreciation -factory equipment |
54000 | |||
9 | Factory overhead | 37000 | ||
Cash | 37000 | |||
10 | Finished goods inventory | 850000 | ||
Work in Process inventory | 850000 | |||
11 | Cost of goods sold | 348000 | ||
Finished goods inventory | 348000 | |||
12 | Cash | 675000 | ||
Sales | 675000 | |||
13 | Cost of goods sold | 9500 | ||
Factory overhead | 9500 | |||
3 | ||||
Schedule of cost of goods manufactured | ||||
For month ended April 30 | ||||
Direct materials used | 457000 | |||
Direct labor used | 353000 | |||
Factory overhead applied | 176500 | |||
Total manufacturing costs | 986500 | |||
Add: Work in Process, March 31 | 126500 | |||
Total cost of work in Process | 1113000 | |||
Less: Work in Process, April 30 | 263000 | |||
Cost of goods manufactured | 850000 | |||
4.1 | ||||
Gross Profit | 317500 | |||
4.2 | ||||
Inventories | ||||
Raw materials | 116000 | =86000+540000-457000-53000 | ||
Work in Process | 263000 | |||
Finished goods | 502000 | |||
Total inventories | 881000 | |||
Workings: | ||||
Actual factory overhead: | ||||
Indirect materials | 53000 | |||
Indirect labor | 23000 | |||
Factory rent | 37000 | |||
Factory utilities | 19000 | |||
Factory depreciation equipment | 54000 | |||
Actual factory overhead | 186000 | |||
Applied overhead | 176500 | |||
Underapplied overhead | 9500 | |||
Sales | 675000 | |||
Less: Cost of goods sold | 348000 | |||
Less: Underapplied overhead | 9500 | |||
Gross Profit | 317500 |
THANK YOU:)! REQ#1 REQ#2 REQ#3 REQ#4 Required information The following information applies to the questions displayed...
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...
how do i calculate? 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 $520,000, and factory payroll cost in April is $380,000. Overhead costs incurred in April are: indirect materials, $54,000; indirect labor, $20,000; factory rent, $35,000; factory utilities, $23,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $695,000 cash...
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 $88,000 Raw materials purchases in April are $540,000, and factory payroll cost In April is $376,000. Overhead costs incurred in Aprilare: Indirect materials, $60,000, Indirect labor, $22,000 factory rent, $39.000; factory utilities. $23.000, and factory equipment depreciation, 561,000. The predetermined overhead rate is 50% of direct...
please help 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 $540,000 and factory payroll cost in April is $384.000 Overhead costs incurred in Aprilare: indirect materials, $54.000 indirector $26.000 factory rent, $32,000, factory utilities, $20,000: and factory equipment depreciation. 552.000 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 $89,000. Raw materials purchases in April are $590,000, and factory payroll cost in April is $377,000. Overhead costs incurred in April are: indirect materials, $51,000; indirect labor, $26,000; factory rent, $34,000; factory utilities, $21,000; and factory equipment depreciation, $59,000. 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 $80,000. Raw materials purchases in April are $540,000, and factory payroll cost in April is $374,000. Overhead costs incurred in April are: Indirect materials, $59.000; Indirect labor. $22,000; factory rent, $40,000; 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.] Rectangle 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...
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...
3. Prepare a schedule of cost of goods manufactured Saved Required information [The following information applies to the questions displayed below.) Marcelino Cols 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 labor cost. Job...
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...