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Cecconi Co.'s March 31 inventory of raw materials is $135,000. Raw materials purchases in April are $640,000, and factory payroll cost in April is $506,000.
Cecconi Co.'s March 31 inventory of raw materials is $135,000. Raw materials purchases in April are $640,000, and factory payroll cost in April is $506,000. Overhead costs incurred in April are: indirect materials, $97,000, indirect labor, $56,000; factory rent, $65.000; factory utilities, $41,000, and factory equipment depreciation, $62,000. The predetermined overhead rate is 70% of direct labor cost. Job 306 is sold for $910,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 $ 51,000 42,000 29,400 $ 68,000 29,000 20,300 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 157,000 129,000 $122,000 116,000 ? 253,000 205.000 ? Finished (unsold) Finished (sold) In process Complete this question by entering your answers in the tabs below. Requirement General Journal General Ledger Trial Balance Job Costs Cost of Goods Mfg Gross Profit General Journal tab - Prepare journal entries to record the transactions of Cecconi Company during the month of April. Job Costs tab - Calculate the total cost, and account classification for each job worked on during April. Cost of Goods Manufactured tab - Prepare a schedule of cost of goods manufactured for Cecconi Company during the month of April. Gross Profit tab - Calculate the gross profit on the sale of job(s) during April
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