Job 306 Job 307 Job 308 Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 $ 35,400 26,400 16,400 $ 41,400 24,400 15,400 151,000 91,400 ? Finished (sold) 236,000 166,000 ? Finished (unsold) $ 116,000 121,000 ? In process Additional Information a. Raw Materials Inventory has a March 31 balance of $86,400. b. Raw materials purchases in April are $516,000, and total factory payroll cost in April is $379,000. c. Actual overhead costs incurred in April are indirect materials, $54,000; indirect labor, $27,000; factory rent, $36,000; factory utilities, $23,000; and factory equipment depreciation, $55,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $651,000 cash in April.

Job 306 Job 307 Job 308 Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 $ 35,400 26,400 16,400 $ 41,400 24,400 15,400 151,000 91,400 ? Finished (sold) 236,000 166,000 ? Finished (unsold) $ 116,000 121,000 ? In process Additional Information a. Raw Materials Inventory has a March 31 balance of $86,400. b. Raw materials purchases in April are $516,000, and total factory payroll cost in April is $379,000. c. Actual overhead costs incurred in April are indirect materials, $54,000; indirect labor, $27,000; factory rent, $36,000; factory utilities, $23,000; and factory equipment depreciation, $55,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $651,000 cash in April.

Name: Balances on March 31Direct materials used (in March)Direct labor used
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Balances on March 31Direct materials used (in March)Direct labor used (in March)Overhead applied (March)Costs during AprilDirect materials usedDirect labor usedOverhead appliedStatus on April 30Additional InformationReq 5AJob 306Req 5B$ 35,40026,400

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter2: Job Order Costing

Section: Chapter Questions

Problem 4BE: Applying factory overhead Bergan Company estimates that total factory overhead costs will be 620,000...

See similar textbooks

Similar questions

Applied vs. Actual Manufacturing Overhead direct labor incurred during the current year. a. Determine the under applied manufacturing overhead at year - end (assume it is significant). Under - applied manufacturing overhead $ b. Prepare a journal entry to record the disposition of the underapplied manufacturing overhead. Please use picture provided % is 150 Manufactuing overhead was 945,000$ and finished goods and cost of goods sold was 120, 000, 60, 000, and 420,000
J ok k nt 0 ences Cecconi Company shows the following costs for three jobs worked on in April. Balances on March 31 Direct materials (in March) Direct labor (in March) Applied overhead (March) Costs during April Direct materials Direct labor Applied overhead Status on April 30 Additional Information Requirement General Journal View transaction list Journal entry worksheet < General Ledger Prepare journal entries for the month of April's transactions. a. Raw Materials Inventory has a March 31 balance of $85,500. b. Raw materials purchases in April are $502,200, and total factory payroll cost in April is $375,100. c. Actual overhead costs incurred in April are indirect materials, $51,100; indirect labor, $24,100; factory rent, $33,100; factory utilities, $20,100; and factory equipment depreciation, $53,200. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $620,000 cash in April. 2 Date April 30 Complete this question by entering your answers in the tabs…
Marcelino Co.'s March 31 inventory of raw materials is $81,000. Raw materials purchases in April are $510,000, and factory payroll cost in April is $384,000. Overhead costs incurred in April are: indirect materials, $50,000; indirect labor, $29,000; factory rent, $36,000; factory utilities, $21,000, and factory equipment depreciation, $54,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $645,000 cash in April. Costs of the three jobs worked on in April follow. Balances on March 31 Direct materials Direct labor Applied overhead. Costs during April Direct materials. Direct labor Applied overhead Status on April 30 Job 306 $ 31,000 23,000 11,500 134,000 103,000 ? Finished (sold) Job 307 $ 38,000 16,000 8,000 200,000 152,000 ? Finished (unsold) Job 308 $110,000 100,000 ? In process
services XYZ industries applies overhead based on direct labor cost. The following information was available for the last year: Actual manufacturing overhead OMR50,000; Underapplied manufacturing overhead OMR10,400; Actual Prime cost OMR52,000; Actual Direct material cost OMR19,000; Estimated direct labor cost OMR41,000 overhead for the year? What was the estimated man turi Select one: O a. OMR49,200 O b.OMR39,600 O c. None of the answers given O d. OMR46,800 e OMRS1,600 ge Next page
ParticularsAmountDirect materialR12Direct laborR50Variable manufacturing overheadR6.50Fixed manufacturing overhead (R81,000/2,550 units)R31.76Unit product cost for the month under absorption costingR100.26 Prepare an income statement for the month using the Marginal costing method
Problem 1.b.: Computation of Costs of Goods Manufactured (COGM).Akari Inc. provided the following information for its work-in-process inventory account at the end of the current month.Work-in-process Inventory (WIP)Accounts $ Accounts $Beginning balance $19,500 COGM ?Direct materials (DM) $76,200Direct labor (DL) $120,000MOH allocated $72,000Ending Balance $24,300Required: Compute the Costs of Goods Manufactured (COGM) at the end of the current month.Solution: Formula:Beginning WIP+ TMC (total manufacturing costs) for the periodDM usedDL incurredMOH allocatedTMC in WIP- Ending WIP= COGM
ParticularsAmountDirect materialR12Direct laborR50Variable manufacturing overheadR6.50Unit product cost for the month under marginal costingR68.50 Prepare an income statement for the month using the Marginal costing method.
Date Item Debit Credit August 1 Bal., 5,100 units, 2/5 completed 31 Direct materials, 91,800 units 31 Direct labor 31 Factory overhead 31 Goods finished, 93,000 units 31 Bal., 2 units, 2/5 completed a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials cost per equivalent unit W 2. Conversion cost per equivalent unit 3. Cost of the beginning work in process completed during August. 4. Cost of units started and completed during August $ 5. Cost of the ending work in process $ b. Assuming that the direct materials cost is the same for July and August, did the conversion cost per equivalent unit increase, decrease, or remain th same in August? 183,600 53,290 29,978 Balance Balance Debit Credit 269,598 11,934 195,534 248,824 278,802 9,204 9,204
d. General costs Crinks Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct labor-hours were 11,200 hours and the total estimated manufacturing overhead was $259,840. At the end of the year, actual direct labor-hours for the year were 10,800 hours and the actual manufacturing overhead for the year was $254,840. Overhead at the end of the year was a. $4,280 overapplied b. $9,280 overapplied c. $9,280 underapplied d. $4,280 underapplied Majan company has lasudgeted sales in units for the next five months as follows:
Cost of goods manufactured and cost of goods sold The following tablesummarizes the beginning and ending inventories of Decatur Manufacturing, Inc., for the month of March: Feb. 28 Mar. 31Raw materials . . . . . . . . . . . . . . . . . . . . . . . $ 53,600 $ 44,160Work in process . . . . . . . . . . . . . . . . . . . . . 114,080 103,680Finished goods . . . . . . . . . . . . . . . . . . . . . . 75,520 67,040Raw materials purchased during the month of March totaled $198,240. Direct labor costs incurred totaled $499,520 for the month. Actual and applied manufacturing overhead costs for March totaled $301,440 and $307,680, respectively. Over/ underapplied overhead is written off to cost of goods sold at the end of the year in December.Required:a. Calculate the cost of goods manufactured for March.b. Calculate the cost of goods sold for March.
Rooney Corporation estimated its overhead costs would be $23,600 per month except for January when it pays the $146,100 annual insurance premium on the manufacturing facility. Accordingly, the January overhead costs were expected to be $169,700 ($146,100 + $23,600). The company expected to use 7,400 direct labor hours per month except during July, August, and September when the company expected 9,600 hours of direct labor each month to build inventories for high demand that normally occurs during the Christmas season. The company's actual direct labor hours were the same as the estimated hours. The company made 3,700 units of product in each month except July, August, and September, in which it produced 4,800 units each month. Direct labor costs were $24.90 per unit, and direct materials costs were $10.70 per unit. Required a. Calculate a predetermined overhead rate based on direct labor hours. b. Determine the total allocated overhead cost for January, March, and August. c. Determine…
Determine and Use Overhead Rate The following selected ledger accounts of Cameron Company are for February (the second month of its accounting year): Materials Inventory Feb. 1 balance 113,400 February credits 406,800 February debits 374,400 Manufacturing Overhead February debits 493,920 Feb. 1 balance 41,760 February credits 490,860 Work in Process Inventory Feb. 1 balance 80,640 February credits 1,242,000 February debits: Direct material 342,000 Direct Labor 545,400 Man. overhead 490,860 Wages Payable February debits 696,600 Feb. 1 balance 162,000 February credits Finished Goods Inventory 637,200 Feb. 1 balance 275,400 February credits 1,381,320 February debits 1,242,000 a. Determine the amount of indirect material requisitioned for production during February. b. How much indirect labor cost was apparently incurred during February? c. Calculate the manufacturing overhead rate based on direct labor cost. %24