/The following information applies to the questions displayed below] arch 31 Inv

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/The following information applies to the questions displayed below] arch 31 Inventory of raw matenals is $86.000. Raw materials purchases in April are $580,000, and factory payroll cost in April Is $370,000. Overhead costs Incurred in Apri are: Indirect materials, $55,000; Indirect labor, $24,000, factory rent, $36,000, factory utilities, $20.000, and factory equipment depreciation, $52,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 IS sold for $655,000 cash in April. Costs of the three jobs worked on in Aprl follow. 2 Job 306 Job 307 Job 308 Balances on March 31 Direct materials Direct labor Applied overhead $ 27,000S 43,000 16,000 8,000 23,000 11,500 Costs during April Direct materlals Direct labor Applied overhead 135,000 93,000 8 200.000 150.000 $ 120.000 103.000 Finished (sola) Finished (unsold) in process Status on April 30 value 8.50 points

Explanation / Answer

306 307 308 Direct Material 27000 43000 70000 Direct Labor 23000 16000 39000 Applied Overhead 11500 8000 19500 Beginning goods in process 61500 67000 0 128500 For april Direct Material 135000 200000 120000 455000 Direct Labor 93000 150000 103000 346000 Applied Overhead 346000*50% 46500 75000 51500 173000 Total Cost Added in april 274500 425000 274500 974000 Total cost april 30 336000 492000 274500 1102500 Status on april 30 Finished (sold) Finished (unsold) In process April 30 cost inclluded in Cost of goods sold Finished goods inventory Goods in process inventory Raw materials inventory 580000 Accounts payable 580000 Factory payroll 370000 Cash 370000 Factory overhead 55000 Raw material Inventory 55000 Factory overhead 24000 Factory payroll 24000 Factory overhead 36000 Cash 36000 Factory overhead 20000 Cash 20000 Factory overhead 52000 Accumulated depreciation-factory equipment 52000 Goods in process inventory 455000 Raw material Inventory 455000 Goods in process inventory 346000 Factory payroll 346000 Goods in process inventory 173000 Factory overhead 173000 Finished goods inventory 828000 Goods in process inventory 828000 Cost of goods sold 336000 Finished goods inventory 336000 Cash 655000 Sales 655000 Cost of goods sold 14000 Factory overhead 14000 Marcellno company    Manufacturing Statement Direct material 455000 Direct labor 346000 Factory overhead Indirect material 55000 Indirect labor 24000 Factory rent 36000 Factory utilities 20000 Depriciation of equipment 52000 Total factory overhead 187000 Total manufacturing costs 988000 Add: Goods in process March 31 128500 Total cost of goods in process 1116500 Less: Goods in process April 30 -274500 Less: Underapplied overhead -14000 Cost of goods manufactured 828000 Total factory overhead 187000 Factory overhead applied 173000 Under applied FOH 14000 Sales 655000 Less:Cost of goods sold 336000 Gross profit 319000

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