Problem 15-2A (Static) Computing and recording job costs; preparing schedule of cost of goods manufactured LO...

Transcribed Image Text:

Problem 15-2A (Static) Computing and recording job costs; preparing schedule of cost of goods manufactured LO P1, P2, P3, P4 [The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. 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 Job 306 Job 307 Job 308 $ 29,000 20,000 10,000 $ 35,000 18,000 9,000 135,000 85,000 ? Finished 220,000 150,000 ? $ 100,000 105,000 ? (sold) Finished (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $80,000. b. Raw materials purchases in April are $500,000, and total factory payroll cost in April is $363,000. c. Actual overhead costs incurred in April are indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000; factory utilities, $19,000; and factory equipment depreciation, $51,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $635,000 cash in April. Problem 15-2A (Static) Part 2 2. Determine the total cost assigned to each job as of April 30 (including the balances from March 31). Job 306 March Direct materials Direct labor $ 29,000 $ 20,000 Overhead applied 10,000 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 307 35,000 18,000 9,000 Job 308 April Total $ OE 135,000 220,000 100,000 455,000 85,000 150,000 105,000 340,000 42,500 75,000 52,500 170,000 262,500 445,000 257,500 965,000 $ 321,500 $ 507,000 $ 257,500 $ 1,086,000 Finished (sold) Finished (unsold) In process Problem 15-2A (Static) Computing and recording job costs; preparing schedule of cost of goods manufactured LO P1, P2, P3, P4 [The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. 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 Job 306 Job 307 Job 308 $ 29,000 20,000 10,000 $ 35,000 18,000 9,000 135,000 85,000 ? Finished 220,000 150,000 ? $ 100,000 105,000 ? (sold) Finished (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $80,000. b. Raw materials purchases in April are $500,000, and total factory payroll cost in April is $363,000. c. Actual overhead costs incurred in April are indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000; factory utilities, $19,000; and factory equipment depreciation, $51,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $635,000 cash in April. Problem 15-2A (Static) Part 2 2. Determine the total cost assigned to each job as of April 30 (including the balances from March 31). Job 306 March Direct materials Direct labor $ 29,000 $ 20,000 Overhead applied 10,000 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 307 35,000 18,000 9,000 Job 308 April Total $ OE 135,000 220,000 100,000 455,000 85,000 150,000 105,000 340,000 42,500 75,000 52,500 170,000 262,500 445,000 257,500 965,000 $ 321,500 $ 507,000 $ 257,500 $ 1,086,000 Finished (sold) Finished (unsold) In process