[The following information applies to the questions displayed below.J Ciolino Co

Question

[The following information applies to the questions displayed below.J Ciolino Co.'s March 31 inventory of raw materials is $120,000. Raw materials purchases in April are $480,000, and factory payroll cost in April is $232,000. Overhead costs incurred in April are: indirect materials, $22,000; indirect labor, $12,000; factory rent, $22,000; factory utilities, $11,000; and factory equipment depreciation, $38,200. The predetermined overhead rate is 45% of direct labor cost. Job 306 is sold for $360,000 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 $ 11,000 18,000 8,100 $ 14,000 5,000 2,250 Costs during April Direct materials Direct labor Applied overhead 125,000 28,000 160,000 62,000 $ 75,000 130,000 Status on April 30 Finished (sold) Finished (unsold) In process

Explanation / Answer

Question 1. Job 306 Job 307 Job 308 Total From March: Direct Material 11000 14000      25,000.00 Direct Labour 18000.00 5000.00      23,000.00 Applied Overhead        8,100.00         2,250.00      10,350.00 Beginning goods in process 37100 21250 0 58350 For April Direct Material 125000 16000 75000    216,000.00 Direct Labour 28000 62000 130000    220,000.00 Applied Overhead(45% of Direct Labour) 12600 27900 58500      99,000.00 165600 105900 263500 535000 Finished(sold) Finished(unsold) Inprocess April 30 cost includes in 202700 127150 263500 593350 Actual Factory Overhead cost for April: Material 22000 Labour 12000 Factory rent 22000 Factory utilities 11000 Equipment Depreciation 38200 Total Overhead cost 105200 Total Direct Labour 220000 Overhead cost Applied (45% of 220,000)      99,000.00 Question 3 Manufacturing Statement Direct Material    241,000.00 Direct Labour    243,000.00 Factory Overhead cost: Material      22,867.87 Labour      12,473.38 Factory Rent      22,867.87 Factory utilities      11,433.94 Equipment Depreciation      39,706.94 Total Overhead cost 109350.00 Total Manufacturing cost    593,350.00 Less: Cost of Goods in process:    263,500.00 Cost of Goods Manufactured    329,850.00 Overhead cost applied are proportionately applied for each item. Material cost = (99000+10350)/105200 x 22000 = 22867.87

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