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Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 Balances on March 31 Direct materials
Marco Company shows the following costs for three jobs worked on in April.
| Job 306 | Job 307 | Job 308 | |
|---|---|---|---|
| Balances on March 31 | |||
| Direct materials used (in March) | $ 29,000 | $ 35,000 | |
| Direct labor used (in March) | 20,000 | 18,000 | |
| Overhead applied (March) | 10,000 | 9,000 | |
| Costs during April | |||
| Direct materials used | 135,000 | 220,000 | $ 100,000 |
| Direct labor used | 85,000 | 150,000 | 105,000 |
| Overhead applied | ? | ? | ? |
| Status on April 30 | Finished (sold) | Finished (unsold) | In process |
Additional Information
- Raw Materials Inventory has a March 31 balance of $80,000.
- Raw materials purchases in April are $500,000, and total factory payroll cost in April is $363,000.
- 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.
- Predetermined overhead rate is 50% of direct labor cost.
- Job 306 is sold for $635,000 cash in April.
The following information is from the materials requisitions and time tickets for Job 9 completed by Great Bay Boats. Materials requisitions are identified by code numbers starting with the letter M, and the time tickets start with T. Estimated (applied) overhead for Job 9 is $1,400.
| Date | Document | Amount |
|---|---|---|
| July 1 | M-46 | $ 2,200 |
| July 1 | T-33 | 1,550 |
| July 5 | M-47 | 1,950 |
| July 5 | T-34 | 1,400 |
| July 10 | T-35 | 1,250 |
Prepare a job cost sheet for Job 9, which includes costs for direct materials, direct labor, overhead, and total cost.
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[The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April.
| Job 306 | Job 307 | Job 308 | |
|---|---|---|---|
| Balances on March 31 | |||
| Direct materials used (in March) | $ 29,000 | $ 35,000 | |
| Direct labor used (in March) | 20,000 | 18,000 | |
| Overhead applied (March) | 10,000 | 9,000 | |
| Costs during April | |||
| Direct materials used | 135,000 | 220,000 | $ 100,000 |
| Direct labor used | 85,000 | 150,000 | 105,000 |
| Overhead applied | ? | ? | ? |
| Status on April 30 | Finished (sold) | Finished (unsold) | In process |
Additional Information
- Raw Materials Inventory has a March 31 balance of $80,000.
- Raw materials purchases in April are $500,000, and total factory payroll cost in April is $363,000.
- 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.
- Predetermined overhead rate is 50% of direct labor cost.
- Job 306 is sold for $635,000 cash in April.
2. Determine the total cost assigned to each job as of April 30 (including the balances from March 31).
Required information
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[The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April.
| Job 306 | Job 307 | Job 308 | |
|---|---|---|---|
| Balances on March 31 | |||
| Direct materials used (in March) | $ 29,000 | $ 35,000 | |
| Direct labor used (in March) | 20,000 | 18,000 | |
| Overhead applied (March) | 10,000 | 9,000 | |
| Costs during April | |||
| Direct materials used | 135,000 | 220,000 | $ 100,000 |
| Direct labor used | 85,000 | 150,000 | 105,000 |
| Overhead applied | ? | ? | ? |
| Status on April 30 | Finished (sold) | Finished (unsold) | In process |
Additional Information
- Raw Materials Inventory has a March 31 balance of $80,000.
- Raw materials purchases in April are $500,000, and total factory payroll cost in April is $363,000.
- 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.
- Predetermined overhead rate is 50% of direct labor cost.
- Job 306 is sold for $635,000 cash in April.
4. Prepare a schedule of cost of goods manufactured for the month ended April 30.
Required information
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[The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April.
| Job 306 | Job 307 | Job 308 | |
|---|---|---|---|
| Balances on March 31 | |||
| Direct materials used (in March) | $ 29,000 | $ 35,000 | |
| Direct labor used (in March) | 20,000 | 18,000 | |
| Overhead applied (March) | 10,000 | 9,000 | |
| Costs during April | |||
| Direct materials used | 135,000 | 220,000 | $ 100,000 |
| Direct labor used | 85,000 | 150,000 | 105,000 |
| Overhead applied | ? | ? | ? |
| Status on April 30 | Finished (sold) | Finished (unsold) | In process |
Additional Information
- Raw Materials Inventory has a March 31 balance of $80,000.
- Raw materials purchases in April are $500,000, and total factory payroll cost in April is $363,000.
- 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.
- Predetermined overhead rate is 50% of direct labor cost.
- Job 306 is sold for $635,000 cash in April.
5-a. Compute gross profit for April.
! Required information [The following information applies to the questions displayed below.) Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 $ 29,000 20,000 10,000 $ 35,000 18,000 9,000 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 30 220,000 150,000 135,000 85,000 ? Finished (sold) $ 100,000 105,000 ? 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. Required: 1. Determine the amount of overhead applied to each job in April. 306 307 308 April Total $ 0 Predetermined overhead rate 0.50 0.50 0.50 0.50 Overhead applied The following information is from the materials requisitions and time tickets for Job 9 completed by Great Bay Boats. Materials requisitions are identified by code numbers starting with the letter M, and the time tickets start with T. Estimated (applied) overhead for Job 9 is $1,400. Date July 1 July 1 July 5 July 5 July 10 Document M-46 T-33 M-47 T-34 T-35 Amount $ 2,200 1,550 1,950 1,400 1,250 Prepare a job cost sheet for Job 9, which includes costs for direct materials, direct labor, overhead, and total cost. JOB COST SHEET: Job 9 Direct Labor Overhead Date Direct Materials Requisition Cost Number Total Cost Time-Ticket Number Cost Date Cost July July 1 July 5 July 10 ! Required information [The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 $ 29,000 20,000 10,000 $ 35,000 18,000 9,000 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 $ 100,000 105,000 135,000 85,000 ? Finished (sold) 220,000 150,000 ? 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. 2. Determine the total cost assigned to each job as of April 30 (including the balances from March 31). Job 306 Job 307 Job 308 April Total March Direct materials $ 29,000 $ 35,000 Direct labor 18,000 20,000 10,000 9,000 Overhead applied Work in process, beginning April $ 0 Direct materials 220,000 100,000 455,000 135,000 85,000 Direct labor 150,000 105,000 340,000 0 Overhead applied Costs added in April Total costs 220,000 370,000 205,000 795,000 0 $ Finished (sold) Finished (unsold) In process Status on April 30 April 30 cost included in: Required information (The following information applies to the questions displayed below.) Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 $ 29,000 20,000 10,000 $ 35,000 18,000 9,000 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 30 135,000 85,000 ? Finished (sold) 220,000 150,000 ? Finished (unsold) $ 100,000 105,000 ? 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. 4. Prepare a schedule of cost of goods manufactured for the month ended April 30. MARCO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs 0 Total cost of work in process 0 Cost of goods manufactured $ 0 Required information [The following information applies to the questions displayed below.) Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 $ 29,000 20,000 10,000 $ 35,000 18,000 9,000 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 30 135,000 85,000 ? Finished (sold) 220,000 150,000 ? Finished (unsold) $ 100,000 105,000 ? 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. 5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet. Complete this question by entering your answers in the tabs below. Req 5A Req 5B Show how the three inventory accounts are reported on the April 30 balance sheet. Inventories Raw materials Wc in process Finished goods Total inventories $ 0
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Entrepreneurial Financial Management An Applied Approach
Authors: Jeffrey R. Cornwall, David O. Vang, Jean M. Hartman
4th Edition
0765646854, 978-0765646859
