Question
Required information Problem 2-2A (Algo) Computing and recording job costs; preparing schedule of cost of goods manufactured LO P1, P2, P3, P4 Skip to question
Required information
Problem 2-2A (Algo) Computing and recording job costs; preparing schedule of cost of goods manufactured LO P1, P2, P3, P4
Skip to question
[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) | $ 31,000 | $ 37,000 | |
Direct labor used (in March) | 22,000 | 17,000 | |
Overhead applied (March) | 11,000 | 8,500 | |
Costs during April | |||
Direct materials used | 134,000 | 210,000 | $ 115,000 |
Direct labor used | 101,000 | 153,000 | 101,000 |
Overhead applied | ? | ? | ? |
Status on April 30 | Finished (sold) | Finished (unsold) | In process |
Additional Information
Raw Materials Inventory has a March 31 balance of $82,000.
Raw materials purchases in April are $510,000, and total factory payroll cost in April is $379,000.
Actual overhead costs incurred in April are indirect materials, $53,000; indirect labor, $24,000; factory rent, $38,000; factory utilities, $23,000; and factory equipment depreciation, $61,000.
Predetermined overhead rate is 50% of direct labor cost.
Job 306 is sold for $685,000 cash in April.
Problem 2-2A (Algo) Part 4
4. Prepare a schedule of cost of goods manufactured for the month end April 30.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started