Ryan Co.'s March 31 inventory of raw materials is $120,000. Raw materials purchases in April are $620,000, and factory payroll cost in April is $467,000. Overhead costs incurred in April are: indirect materials, $98,000; indirect labor, $47,000; factory rent, $68,000; factory utilities, $35,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 70% of direct labor cost. Job 306 is sold for $840,000 cash in April. Costs of the three jobs worked on in April follow. Job 387 Job 388 Job 386 Balances on March 31 45,08 59,808 36,80 25, 280 Direct materials Direct labor 26,808 18,280 Applied overhead Costs during April Direct materials 151,e00 117,808 244,808 $116,808 19e,eee Direct labor 113,800 Applied overhead Finished (unsold) Finished Status on April 38 In process (sold) Complete this question by entering your answers in the tabs below st of Goods Mfg General Ledger General Requirement Journal Gross Profit Trial Balance Job Costs General Journal tab Prepare journal entries to record the transactions of Ryan 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 Ryan Company during the month of April. Gross Profit tab - Calculate the gross profit on the sale of job(s) during April. General Journal> iew transaction Iist Journal entry worksheet 13 a. Record the purchase of materials (on credit). Note: Enter debits before credits Date Account Title Debit Credit Apr 30 Clear entry Record entry View general journal General Requirement Journal General Cost of Goods Mfg Trial BalanceJob Costs Gross Profit Ledger Calculate the amount of overhead to be applied to each of the jobs worked on during April. Then, using the drop-downs, indicate which account in the ledger should include the job's costs as of April 30. Dates: Mar 31 to Apr 30 Beginning Work in Process (March costs) Direct materials 45,000 S 59,000 Direct labor 36.000 26,000 Applied overhead 25,200 18,200 Total Beginning Work in Process inventory 106,200 103,200 209.400 Costs added in April Direct materials 151,000S 244.000 116,000 511,000 Direct labor 117,000 190,000 113,000 420,000 Applied overhead Total costs added in Apri Total cost of jobs At the end of April, indicate which account should include each job's costs General Requirement Journal enera ialBalanceJob CostsS dis Gross Profit Ledger Mfg Prepare a schedule of cost of goods manufactured for Ryan Company for the month of April to : Apr 30 Dates: Mar 31 RYAN COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs added during April Total cost of work in process Gross Profit> iew transaction Iist Journal entry worksheet 13 a. Record the purchase of materials (on credit). Note: Enter debits before credits Date Account Title Debit Credit Apr 30 Clear entry Record entry View general journal General Requirement Journal General Cost of Goods Mfg Trial BalanceJob Costs Gross Profit Ledger Calculate the amount of overhead to be applied to each of the jobs worked on during April. Then, using the drop-downs, indicate which account in the ledger should include the job's costs as of April 30. Dates: Mar 31 to Apr 30 Beginning Work in Process (March costs) Direct materials 45,000 S 59,000 Direct labor 36.000 26,000 Applied overhead 25,200 18,200 Total Beginning Work in Process inventory 106,200 103,200 209.400 Costs added in April Direct materials 151,000S 244.000 116,000 511,000 Direct labor 117,000 190,000 113,000 420,000 Applied overhead Total costs added in Apri Total cost of jobs At the end of April, indicate which account should include each job's costs General Requirement Journal enera ialBalanceJob CostsS dis Gross Profit Ledger Mfg Prepare a schedule of cost of goods manufactured for Ryan Company for the month of April to : Apr 30 Dates: Mar 31 RYAN COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs added during April Total cost of work in process Gross Profit>
