Marcelino Co.'s March 31 inventory of raw materials is $859,000. Raw materials purchases in April are $560,000,
Question:
Marcelino Co.'s March 31 inventory of raw materials is $859,000. Raw materials purchases in April are $560,000, and factory payroll cost in April is $386,000. Overhead costs incurred in April are: indirect materials, $56,000; indirect labor, $28,000; factory rent, $37,000; factory utilities, $22,000; and factory equipment depreciation, $61,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $695,000 cash in April. Costs of the three jobs worked on in April follow. |
Job 306 | Job 307 | Job 308 | |||||||||||||||||||||||||||||||||||||||||
Balances on March 31 | |||||||||||||||||||||||||||||||||||||||||||
Direct materials | $ | 30,000 | $ | 41,000 | |||||||||||||||||||||||||||||||||||||||
Direct labor | 23,000 | 16,000 | |||||||||||||||||||||||||||||||||||||||||
Applied overhead | 11,500 | 8,000 | |||||||||||||||||||||||||||||||||||||||||
Costs during April | |||||||||||||||||||||||||||||||||||||||||||
Direct materials | 139,000 | 200,000 | $ | 115,000 | |||||||||||||||||||||||||||||||||||||||
Direct labor | 103,000 | 150,000 | 104,000 | ||||||||||||||||||||||||||||||||||||||||
Applied overhead | ? | ? | ? | ||||||||||||||||||||||||||||||||||||||||
Status on April 30 | Finished (sold) | Finished (unsold) | In process | ||||||||||||||||||||||||||||||||||||||||
|
Fundamental Accounting Principles
ISBN: 978-0077862275
22nd edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta