Required Information [The following information applies to the questions display
ID: 2451997 • Letter: R
Question
Required Information [The following information applies to the questions displayed below.J Ciolino Co.'s March 31 inventory of raw materials is $130,000. Raw materials purchases in April are $450,000, and factory payroll cost in April is $237,000. Overhead costs incurred in April are: indirect materials, $30,000; indirect labor, $14,000; factory rent, $17,000; factory utilities, $11,000; and factory equipment depreciation, $20,200. The predetermined overhead rate is 40% of direct labor cost. Job 306 is sold for $390,000 cash in April. Costs of the three jobs worked on in April follow Job 306 Job 307 Job 308 Balances on March 31 Direct materials Direct labor Applied overhead $8,000 13,000 5,200 $22,000 14,000 5,600 Costs during April $ 75,000 Direct materials Direct labor Applied overhead 105,000 170,000 41,000 62,000 120,000 Status on April 30 Finished (sold) Finished (unsold) n processExplanation / Answer
Date
Particulars
L.F.
Debit
Credit
1
Purchase a/c dr
450,000
To accounts payables a/c
450,000
2
Factory Payroll a/c dr
237,000
To cash a/c
237,000
3
Factory overhead a/c dr
30,000
To accounts payables a/c
30,000
4
Indirect labor a/c dr
14,000
To Factory Overhead a/c dr
14,000
5
Factory rent a/c dr
17,000
To cash a/c
17,000
6
Factory Utilities a/c dr
11,000
To cash a/c
11,000
7
Other Factory overhead a/c dr
10,800
To accounts payables a/c
10,800
8
WIP a/c dr (job no. 306)
105,000
To factory overhead a/c
105,000
9
WIP a/c dr (job no. 307)
170,000
To factory overhead a/c
170,000
10
WIP a/c dr (job no. 308)
75,000
To factory overhead a/c
75,000
11
Labor a/c dr (job no. 306)
41,000
To factory overhead a/c
41,000
12
Labor a/c dr (job no. 307)
62,000
To factory overhead a/c
62,000
13
Labor a/c dr (job no. 306)
12,0,00
To factory overhead a/c
12,000
14
Applied overhead a/c dr (job no. 306)
0
To factory overhead a/c
0
15
Applied overhead a/c dr (job no. 307)
0
To factory overhead a/c
0
16
Cash a/c dr
390,000
To CGS a/c
390,000
17
Job no. 306 a/c dr
390,000
To sales a/c
390,000
Computation of Gross Profit:
Debit Credit
Particulars
$
$
Particulars
$
$
Purchases
450,000
Sales
390,000
Factory payroll
237,000
Closing Stock
130,000
Factory rent
17,000
Factory Utilities
11,000
Direct materials
105,000
Direct labor
41,000
341,000
861,000
861,000
To Gross Loss
341,000
Date
Particulars
L.F.
Debit
Credit
1
Purchase a/c dr
450,000
To accounts payables a/c
450,000
2
Factory Payroll a/c dr
237,000
To cash a/c
237,000
3
Factory overhead a/c dr
30,000
To accounts payables a/c
30,000
4
Indirect labor a/c dr
14,000
To Factory Overhead a/c dr
14,000
5
Factory rent a/c dr
17,000
To cash a/c
17,000
6
Factory Utilities a/c dr
11,000
To cash a/c
11,000
7
Other Factory overhead a/c dr
10,800
To accounts payables a/c
10,800
8
WIP a/c dr (job no. 306)
105,000
To factory overhead a/c
105,000
9
WIP a/c dr (job no. 307)
170,000
To factory overhead a/c
170,000
10
WIP a/c dr (job no. 308)
75,000
To factory overhead a/c
75,000
11
Labor a/c dr (job no. 306)
41,000
To factory overhead a/c
41,000
12
Labor a/c dr (job no. 307)
62,000
To factory overhead a/c
62,000
13
Labor a/c dr (job no. 306)
12,0,00
To factory overhead a/c
12,000
14
Applied overhead a/c dr (job no. 306)
0
To factory overhead a/c
0
15
Applied overhead a/c dr (job no. 307)
0
To factory overhead a/c
0
16
Cash a/c dr
390,000
To CGS a/c
390,000
17
Job no. 306 a/c dr
390,000
To sales a/c
390,000
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