Needing answers to:| - Beginning goods in process for each job (306,307,308) - T

Question

Needing answers to:|
- Beginning goods in process for each job (306,307,308)
- Total costs added in April for each job
- Total costs (April 30) for each job
- April 30 costs included in: ? for each job

Thank you!

Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total cost assigned to each job (including the balances from March 31).

Ciolino Co.’s March 31 inventory of raw materials is $80,000. Raw materials purchases in April are $500,000, and factory payroll cost in April is $363,000. Overhead costs incurred in April are: indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000; factory utilities, $19,000; and factory equipment depreciation, $51,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $635,000 cash in April. Costs of the three jobs worked on in April follow.

In process

Needing answers to:|
- Beginning goods in process for each job (306,307,308)
- Total costs added in April for each job
- Total costs (April 30) for each job
- April 30 costs included in: ? for each job

Thank you!

Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total cost assigned to each job (including the balances from March 31).

Explanation / Answer

Costs Job 306 Job 307 Job 308 Total April Cost Balances on 31st March Direct Material $ 29,000 $ 35,000 $ $ 64,000 Direct Labor $ 20,000 $ 18,000 $ 38,000 Applied Overhead $ 10,000 $ 9,000 $ 19,000 Balance on 1st April for Goods in Process ( a) $ 59,000 $ 62,000 $ $ 121,000 Costs incurred in April: Direct Material $ 135,000 $ 220,000 $ 100,000 $ 455,000 Direct Labor $ 85,000 $ 150,000 $ 105,000 $ 340,000 Applied Overhead ( 50 % of Direct Labor Rate ) $ 42,500 $ 75,000 $ 52,500 $ 170,000 Total Cost incurred for April ( b) $ 262,500 $ 445,000 $ 257,500 $ 965,000 Total Cost on 30th April ( Beg Balance + Cost Incurred ) ( a + b ) $ 321,500 $ 507,000 $ 257,500 $ 1,086,000 Status on April 30 Finished ( sold ) Finished (unsold ) In Process

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