Question: Thanks I got it right!!!! 15 Required Information Part 2 of 4 [The following information applies to the questions displayed below] Marco Company shows the
Thanks I got it right!!!!
15 Required Information Part 2 of 4 [The following information applies to the questions displayed below] Marco Company shows the following costs for three Jobs worked on In April. 3 points Job 306 Job 307 Job 380 Balances on March 31 Direct materials used (in March) $ 31, 980 $ 37, 080 Direct labor used (in March) 22,080 20, 080 Overhead applied (March) 12, 080 11, 020 Costs during April Direct materials used 140,680 225, 680 $ 185, 060 Direct labor used 17,080 155,680 110,086 Overhead applied Status on April 30 Finished Finished (sold) (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $82,000 b. Raw materials purchases In April are $505,000, and total factory payroll cost In April Is $368,000. c. Actual overhead costs Incurred In April are Indirect materials, $51,250; Indirect labor, $24,250; factory rent, $33.250; factory utilities, $20,250; and factory equipment depreciation, $52,250. d. Predetermined overhead rate Is 50% of direct labor cost e. Job 306 Is sold for $640,000 cash In April. 2. Determine the total cost assigned to each job as of April 30 (Including the balances from March 31). Answer is complete and correct. Job 306 Job 30 Job 308 April Total March Direct materials S 31,000 37,000 Direct labor 22,000 20,000 Overhead applied 12,000 11,000 Work in process, beginning 5 15,000 18,000 133,000 April Direct materials 140,000 225,000 105,000 470,000 Direct labor 37,000 155,000 110,000 352,000 Overhead applied 43,500 77,500 55,000 176,000 Costs added in April 270,500 157,500 270,000 898,000 Total costs 335,500 25,500 270,000 1,131,000 Status on April 30 Finished (sold) Finished (unsold) In process April 30 cost included in: Cost of goods sold Finished goods inventory Work in process inventoryStep by Step Solution
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