Part 5: Information to use in completing is below and the requirements follow where you will answer the questions.

Glass Company makes glass orders based on the customer specifications, so the company uses job costing to track costs.

The company uses direct labor hours as the cost driver for manufacturing overhead application.

The company estimated the following manufacturing overhead costs for the year: $600,000

The company estimated the following usage of direct-labor hours for the year: 200,000

Beginning Work-in-process, March 1 (Job 57) $108,000

Beginning Finished Goods, March 1 (Job 55) $125,000

Labor Information for March:

Direct-labor hours:

Job 57 7,000

Job 58 6,000

Job 59 4,000

Labor costs:

Direct-labor wages $408,000

Indirect-labor wages $30,000

Supervisory salaries $12,000

Material Information for March:

Raw Materials, Inventory, March 1 $21,000

Purchase or raw material $210,000

Direct materials requisitioned:

Job 57 $90,000

Job 58 $75,000

Job 59 $51,000

Other costs incurred in March:

Factory Utilities $12,000

Sales offices Utilities $3,200

Administrative offices Utilities $2,000

Factory equipment repair and maintenance costs $11,200

Depreciation on factory equipment $5,000

Manufacturing supplies purchased and used $24,000

During March the following jobs were completed and sold for the following sales price:

Job 57 $400,000

Job 58 $250,000

Required: You need to use cell references to provide answers and calculations.

Complete the job cost sheets provided below for the month of March:

Labor Rate		$ 24.00
		Job 57	Job 58	Job 59	Total
Beginning Balance		$108,000
Current costs:
Direct materials		$90,000	$75,000	$ 51,000.00	$ 216,000.00
Direct Labor		$168,000.00	$ 144,000.00	$ 96,000.00	$ 408,000.00
Applied overhead		$21,000	$18,000	$ 12,000.00	$ 51,000.00
Total		$387,000	$237,000	$159,000

Determine the ending Work-In-Process Inventory at the end of March and provide the number of the Job(s) still in Work-in-Process at the end of March and the determine total cost of ending work in process for March. .

Job in Work-In-Process at March 31	Job 57	Job 58	Job 59	Total
Beginning Balance	$ 108,000.00			$ 108,000.00
Direct Materials	$ 90,000.00	$ 75,000.00	$ 51,000.00	$ 216,000.00
Direct Labor	$168,000.00	$ 144,000.00	$ 96,000.00	$ 408,000.00
Applied Overhead	$21,000.00	$ 18,000.00	$ 12,000.00	$ 51,000.00
Completed Jobs	$(387,000.00)	$(237,000.00)		$ (624,000.00)
Balance March 31	$ -	$ -	$159,000.00	$ 159,000.00

Determine the ending Finished Goods for March and provide the number of the Job(s) in Finished Goods at the end of March and determine the total cost of ending finished goods for March.

Job in Finished Goods at March 31	Job 55	Job 57	Job 58	Total
Beginning balance	125000			125000
Completed Jobs		387000	237000	624000
Jobs Sold		-387000	-237000	-624000
Balance March 31	125000	0	0	125000

Determine the Cost of Goods Sold for March and provide the number of the Job(s) in Cost of Goods Sold for March and determine the total cost of goods sold for March.

	A	Estimated Manufacturing overhead cost	$600,000
	B	Estimated usage of direct labor hour	200000
	C=A/B	Applied overhead rate	$3
		Manufacturing Overhead costs for March:
		Indirect labor wages	$30,000
		Supervisory salaries	$12,000
		Factory utilities	$12,000
		Factory repair and maintenance costs	$11,200
		Depreciation on factory equipment	$5,000
		Manufacturing supplies purchased and used	$24,000
		Total manufacturing overhead in March	$94,200
		Direct labor hours in March(7000+6000+4000)	17000
		Applied overhead in March=3*17000	$51,000
		Underapplied overhead	$43,200	(94200-51000)
		CALCULATION OF COST OF GOODS FOR MARCH:
		Job 57 transferred from finished goods	$387,000
		Job 58 transferred from finished goods	$237,000
		Under -applied overhead	$43,200
		Total cost of goods sold	$667,200
		Number of jobs in cost of goods sold:57,58
		Cost of goods sold in March	$667,200

QUESTION Prepare a statement of cost of goods manufactured for March below. Use Manufacturing Overhead applied in your statement.

Glass Company

Statement of Cost of Goods Manufactured

For Month ending March 31, 2018