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The following is production information for Camino Tractors Co. - February 28 inventory of raw materials is $88,000. - Raw materials purchases in March are
The following is production information for Camino Tractors Co. - February 28 inventory of raw materials is $88,000. - Raw materials purchases in March are $510,000 - Factory payroll cost in March is $378,000 - Overhead costs incurred in March are: - Indirect materials, $55,000 - Indirect labor, \$22,000 - Factory rent, $36,000 - Factory utilities, $19,000 - Factory equipment depreciation, $55,000 - The predetermined overhead rate is 56% of direct labor cost. - Job 200-006 is sold for $700,000 cash in March Below is a schedule of costs for the three jobs worked on in March. Job 202-002 was started in March. Required: Calculate overhead to be applied in March and complete the above schedule. Enter amounts in whole numbers with NO DOLLAR SIGNS, NO DECIMALS and NO COMMAS. Using the information from the previous question, record the following journal entries for Camino Tractors Co.: 1. Raw materials purchased on account. 2. Direct materials used in March production. 3. Direct labor used in March production. 4. Overhead applied to March production. 5. Indirect materials used in March production. 6. Indirect labor used in March production. 7. Factory rent. 8. Factory utilities. 9. Factory equipment depreciation 10. Transfer of goods manufactured during March from WIP to finished goods. 11. Sale of Job 200-006. 12. Cost of goods sold for Job 200-006 13. Over / under applied overhead. Use the space below to type you journal entries. You may copy and paste the journal entry template below into the space provided for each question or you may create your own journal entry
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