1) | Job 306 | Job 307 | Job 308 | April | |||
From March | |||||||
Direct materials | 30,000 | 40,000 | 0 | 70,000 | |||
Direct labor | 21,000 | 17,000 | 0 | 38,000 | |||
applied overhead | 10,500 | 8,500 | 0 | 19,000 | |||
Beginning goods in process | 61,500 | 65,500 | 0 | 127,000 | |||
For April | |||||||
Direct materials | 134,000 | 220,000 | 100,000 | 454,000 | |||
Direct labor | 104,000 | 152,000 | 100,000 | 356,000 | |||
applied overhead | 52000 | 76000 | 50000 | 178,000 | |||
Total costs added in April | 290,000 | 448,000 | 250,000 | 988,000 | |||
total costs (April 30) | 351,500 | 513,500 | 250,000 | 1,115,000 | |||
Satus on april 30 | fin(sold) | fin(unsold) | in process | ||||
April costs included in : | COGS | finished | WIP | ||||
goods | |||||||
inventory | |||||||
2) | TR | General journal | Debit | Credit | |||
a. | Raw materials inventory | 510,000 | |||||
Accounts payable | 510,000 | ||||||
b. | Work in process inventory | 454,000 | |||||
Raw materials inventory | 454,000 | ||||||
c. | Work in process inventory | 356,000 | |||||
Cash | 356,000 | ||||||
d. | Factory overhead | 25,000 | |||||
cash | 25,000 | ||||||
e. | Work in process inventory | 178,000 | |||||
Factory overhead | 178,000 | ||||||
f. | Factory overhead | 173,000 | |||||
Raw materials inventory | 58,000 | ||||||
Cash | 61,000 | ||||||
Accumulated Depreciation | 54,000 | ||||||
g. | finished goods inventory | 865,000 | |||||
Work in process inventory | 865,000 | ||||||
h. | Cost of goods sold | 351,500 | |||||
finished goods inventory | 351,500 | ||||||
i. | Cash | 635,000 | |||||
sales | 635,000 | ||||||
j. | cost of goods sold | 20,000 | |||||
Factory overhead | 20,000 | ||||||
3) | Schedule of goods of goods manufactured | ||||||
direct materials used | 454,000 | ||||||
Direct labor used | 356,000 | ||||||
factory overhead applied | 178,000 | ||||||
total manufacturing costs | 988,000 | ||||||
Add:work in process March 31 | 127,000 | ||||||
total cost of work in process | 1,115,000 | ||||||
less:work in process April 30 | 250,000 | ||||||
cost of goods manufactured | 865,000 | ||||||
4) | Gross profit | ||||||
sales | 635,000 | ||||||
less cost of goods sold | 371,500 | ||||||
Gross profit | 263,500 | ||||||
5) | inventories | ||||||
Raw materials | 83,000 | ||||||
work in process | 250,000 | ||||||
finished goods | 513,500 | ||||||
total inventories | 846,500 |
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 $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 $84,000. Raw materials purchases in April are $520,000, and factory payroll cost in April is $388,000. Overhead costs incurred in April are: indirect materials, $56,000; indirect labor, $28,000; factory rent, $37,000; factory utilities, $24,000; and factory equipment depreciation, $61,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $680,000 cash in April. Costs of...
Saved 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 ....
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...
[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 $500,000, and factory payroll cost in April is $383,000. Overhead costs incurred in April are: indirect materials, $55,000; indirect labor, $25,000; factory rent, $34,000, factory utilities, $19,000; 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...
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 Aprilare 5580.000 and factory payroll cost in April is $384.000. Overhead costs incurred in April are indirect materials, S53,000, indirect labor, $28.000; factory rent $37000 factory utilities. $21.000, and factory equipment depreciation, $53000. The predetermined overhead rate is 50% of direct labor cost Job 306 is sold for $655.000 cash in April Costs of the...
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 $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.] 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 $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...