Marco Company shows the following costs for three jobs worked on in April. Job 306 Job...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 Balances on March 31 3 Direct materials used (in March) $ 33,800 Direct labor used (in March) Overhead applied (March) 24,800 14,800 $ 39,800 22,800 13,800 Costs during April Direct materials used Direct labor used Overhead applied 2-51 Status on April 30 Additional Information 147,000 89,800 P Finished (sold) 232,000 162,000 $ 112,000 117,000 Finished (unsold) In process ok a. Raw Materials Inventory has a March 31 balance of $84,800. b. Raw materials purchases in April are $512,000, and total factory payroll cost in April is $375,000. c. Actual overhead costs incurred in April are indirect materials, $53,000; indirect labor, $26,000; factory rent, $35,000; factory utilities, $22,000; and factory equipment depreciation, $54,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $647,000 cash in April. W Problem 15-2A (Algo) Part 2 2. Determine the total cost assigned to each job as of April 30 (including the balances from March 31). Job 306 Job 307 March Direct materials Direct labor $ 33.800 39.800 24,800 22.800 Overhead applied 14,800 13.800 Work in process, beginning April Direct materials Direct labor Overhead applied Costs added in April Total costs Status on April 30 April 30 cost included in: Job 308 April Total 0 147,000 232.000 89.800 162.000 112,000 117.000 491,000 368,800 0 236.800 394.000 229,000 859,800 0 Finished (sold) Finished (unsold) In process Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 Balances on March 31 3 Direct materials used (in March) $ 33,800 Direct labor used (in March) Overhead applied (March) 24,800 14,800 $ 39,800 22,800 13,800 Costs during April Direct materials used Direct labor used Overhead applied 2-51 Status on April 30 Additional Information 147,000 89,800 P Finished (sold) 232,000 162,000 $ 112,000 117,000 Finished (unsold) In process ok a. Raw Materials Inventory has a March 31 balance of $84,800. b. Raw materials purchases in April are $512,000, and total factory payroll cost in April is $375,000. c. Actual overhead costs incurred in April are indirect materials, $53,000; indirect labor, $26,000; factory rent, $35,000; factory utilities, $22,000; and factory equipment depreciation, $54,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $647,000 cash in April. W Problem 15-2A (Algo) Part 2 2. Determine the total cost assigned to each job as of April 30 (including the balances from March 31). Job 306 Job 307 March Direct materials Direct labor $ 33.800 39.800 24,800 22.800 Overhead applied 14,800 13.800 Work in process, beginning April Direct materials Direct labor Overhead applied Costs added in April Total costs Status on April 30 April 30 cost included in: Job 308 April Total 0 147,000 232.000 89.800 162.000 112,000 117.000 491,000 368,800 0 236.800 394.000 229,000 859,800 0 Finished (sold) Finished (unsold) In process
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
A rectangular foundation has dimensions B = 8, L = 10, D = 3. It is underlain by a medium dense sand with Es =300ksf, =120 pcf . The water table is very deep. The bearing pressure p is 2 tsf....
-
The U.S. Food and Drug Administration (FDA) requires pharmaceutical companies to evaluate new drugs through a series of clinical trials 1. Phase 1 trials assess safety and dosage, and involve 20-100...
-
According to USA Today (March 18, 1997), of 4 million workers in the general workforce, 5.8% tested positive for drugs. Of those testing positive, 22.5% were cocaine users and 54.4% marijuana users....
-
A system consists of components A and B connected in series, as shown in the following schematic illustration. The lifetime in months of component A is lognormally distributed with μ =...
-
Cozelle, Inc., purchased inventory costing $125,000 and sold 80% of the goods for $200,000. All purchases and sales were on account. Cozelle later collected 25% of the accounts receivable. Assume...
-
A football player is taking a statistics course and states that the names of the players on his team are qualitative, but they can be made quantitative by using the numbers on the jerseys of their...
-
Shade asked Dow to give him a check for $100 in return for Shades delivery the next day of a television set. Dow gave the check, but Shade never delivered the television set. Does Dow have a defense...
-
Explain what is meant by beta of a security, how its value can be estimated, and the factors likely to determine its value.
-
Which of the following factor will affect the dividend policy of the firm? 1. Insufficiency of cash 2. Firms contractual obligation 3. Ratio of debt to equity. 4. Business cycle considerations Select...
-
On January 1, 2018, Kelley became a 10 percent partner of the Realty Partnership upon contributing land he had held as an investment for five years. The basis of the land to Kelley was \(\$...
-
Hal is single and in 2018 he obtained IRS permission to change from the calendar year to a fiscal year ended August 31, 2018. Hal earned \(\$ 80,000\) through August 31, 2018 and had \$7,000 in...
-
How does the use of a multiple regression model affect the number of degrees of freedom in a regression model? Contrast your response with that involving a simple regression model.
-
Ruben and Albert are both calendar-year taxpayers, and are equal partners in the RA Partnership, which has a fiscal year ending on October 31. During the 2018-2019 fiscal year the partnership earns...
-
The Light Record Corporation has been on the calendar year since its inception five years ago. It wishes to change to an April 30 natural business year. For 2018, the calendar year of proposed...
-
A Company fabricates inexpensive automobiles for sale to 3rd world countries. Each auto includes one wiring harness, which is currently made in-house. Details of the harness fabrication are as...
-
Find the equation of the plane passing through the points P 5,4,3 ,Q 4,3,1 and R 1,5,4
-
This chapter reports findings from a recent study by Nellie Mae. To learn more about Nellie Mae and other research findings, visit www.nelliemae.com.
-
Research the background and passage of one of the consumer credit laws discussed in the chapter. Explain why this protection was needed, and describe what practices prompted the passage of this...
-
Credit card fraud is considered almost incidental to the potentially more damaging and costly problem of identity theft. Check the Internet for recent statistics on the number of consumers affected,...
Study smarter with the SolutionInn App