NEED THIS ASAPPP!!!
Required information Problem 19-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 [The following information applies to the questions displayed below.) Ciolino Co.'s March 31 inventory of raw materials is $110,000. Raw materials purchases in April are $410,000, and factory payroll cost in April is $236,000. Overhead costs incurred in April are: indirect materials, $28,000; indirect labor, $11,000; factory rent, $20,000; factory utilities, $13,000; and factory equipment depreciation, $45,900. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $330,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 $ 17,000 19,000 9,500 $ 18,000 14,000 7,000 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead 105,000 39,000 170,000 56,000 $ 75,000 130,000 ? Status on April 30 Finished (sold) Finished (unsold) In process Problem 19-1A Part 2 a. Materials purchases (on credit), factory payroll (paid in cash), and actual overhead indirect materials and indirect labor. (Factory rent and utilities are paid in cash.) b. Assignment of direct materials, direct labor, and applied overhead costs to the Goods in Process Inventory. c. Transfer of Jobs 306 and 307 to the Finished Goods Inventory. d. Cost of goods sold for Job 306. e. Revenue from the sale of Job 306. f. Assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account. (The amount is not material.) 2. Prepare journal entries for the month of April to record the above transactions. View transaction list Journal entry worksheet 3 4 5 6 7 8 ..... 14 > Record factory payroll paid in cash. Note: Enter debits before credits. Transaction Credit General Journal Goods in process inventory Raw materials inventory Debit 254,000 a(2) 254,000 Record entry Clear entry View general journal Journal entry worksheet 3 4 5 6 7 8 ..... 14 Record indirect materials. Note: Enter debits before credits. Transaction General Journal Debit Credit a(3) Record entry Clear entry View general journal Journal entry worksheet Record indirect labor. Note: Enter debits before credits. Transaction General Journal Debit Credit a(4) Record entry Clear entry View general journal Journal entry worksheet View transactloh list Journal entry worksheet 1 2 3 4 5 6 7 8 ...... 14 > Record other factory overhead. Note: Enter debits before credits. Transaction General Journal Debit Credit a(7) Record entry Clear entry View general journal Dom . View transaction list Journal entry worksheet Record the entry to assign direct materials to jobs. Note: Enter debits before credits. Transaction General Journal Debit Credit b(1) Record entry Clear entry View general journal Journal entry worksheet 1 ... 4 5 6 7 8 9 ..... 14 Record the entry to assign direct labor to jobs. Note: Enter debits before credits. Transaction General Journal Debit Credit b(2) Record entry Clear entry View general journal View transaction list Journal entry worksheet Record sale of Job 306. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal i prou e 6 10 m Naut View transaction list Journal entry worksheet 1 ... 7 8 9 10 11 12 ..... 14 Record the Cost of goods sold for Job 306. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 ... 7 8 9 10 11 12 13 14 Record the entry to assign underapplied /overapplied overhead to Cost of goods sold. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Prey q 10 of 14 Neyt
