1 | ||||
Job 306 | Job 307 | Job 308 | April Total | |
From March | ||||
Direct Materials | 25000 | 36000 | 61000 | |
Direct Labor | 22000 | 15000 | 37000 | |
Applied overhead | 11000 | 7500 | 18500 | |
Beginning goods in process | 58000 | 58500 | 0 | 116500 |
For April | ||||
Direct Materials | 139000 | 220000 | 115000 | 474000 |
Direct Labor | 105000 | 151000 | 103000 | 359000 |
Applied overhead | 52500 | 75500 | 51500 | 179500 |
Total costs added in April | 296500 | 446500 | 269500 | 1012500 |
Total costs (April 30) | 354500 | 505000 | 269500 | 1129000 |
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 | 510000 | ||
Accounts Payable | 510000 | |||
2 | Work in Process inventory | 474000 | ||
Raw materials inventory | 474000 | |||
3 | Work in Process inventory | 359000 | ||
Cash | 359000 | |||
4 | Factory overhead | 28000 | ||
Cash | 28000 | |||
5 | Work in Process inventory | 179500 | ||
Factory overhead | 179500 | |||
6 | Factory overhead | 60000 | ||
Raw materials inventory | 60000 | |||
7 | Factory overhead | 22000 | ||
Cash | 22000 | |||
8 | Factory overhead | 53000 | ||
Accumulated depreciation -factory equipment |
53000 | |||
9 | Factory overhead | 38000 | ||
Cash | 38000 | |||
10 | Finished goods inventory | 859500 | ||
Work in Process inventory | 859500 | |||
11 | Cost of goods sold | 354500 | ||
Finished goods inventory | 354500 | |||
12 | Cash | 650000 | ||
Sales | 650000 | |||
13 | Cost of goods sold | 21500 | ||
Factory overhead | 21500 | |||
3 | ||||
Schedule of cost of goods manufactured | ||||
For month ended April 30 | ||||
Direct materials used | 474000 | |||
Direct labor used | 359000 | |||
Factory overhead applied | 179500 | |||
Total manufacturing costs | 1012500 | |||
Add: Work in Process, March 31 | 116500 | |||
Total cost of work in Process | 1129000 | |||
Less: Work in Process, April 30 | 269500 | |||
Cost of goods manufactured | 859500 | |||
4.1 | ||||
Gross Profit | 274000 | |||
4.2 | ||||
Inventories | ||||
Raw materials | 62000 | =86000+510000-474000-60000 | ||
Work in Process | 269500 | |||
Finished goods | 505000 | |||
Total inventories | 836500 | |||
Workings: | ||||
Actual factory overhead: | ||||
Indirect materials | 60000 | |||
Indirect labor | 28000 | |||
Factory rent | 38000 | |||
Factory utilities | 22000 | |||
Factory depreciation equipment | 53000 | |||
Actual factory overhead | 201000 | |||
Applied overhead | 179500 | |||
Underapplied overhead | 21500 | |||
Sales | 650000 | |||
Less: Cost of goods sold | 354500 | |||
Less: Underapplied overhead | 21500 | |||
Gross Profit | 274000 |
Required information Problem 19-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3,...
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%...
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 $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...
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...
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 $590,000, and factory payroll cost in April is $385,000. Overhead costs incurred in April are: indirect materials, $56,000; indirect labor, $28,000; factory rent, $31,000; factory utilities, $24,000; and factory equipment depreciation, $59,000. 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 $85,000. Raw materials purchases in April are $530,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are indirect materials, $53,000, indirect labor, $27,000, factory rent, $36,000, factory utilities, $22,000, and factory equipment depreciation, $52,000. 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%...
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 $85,000. Raw materials purchases in April are $560,000, and factory payroll cost in April is $385,000. Overhead costs incurred in April are: 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%...
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%...
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 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...