Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 Additional Information Req 5A $ 37,000 28,000 18,000 155,000 93,000 ? Req 5B Compute gross profit for April. Gross profit Finished (sold) a. Raw Materials Inventory has a March 31 balance of $88,000. b. Raw materials purchases in April are $520,000, and total factory payroll cost in April is $383,000. c. Actual overhead costs incurred in April are indirect materials, $55,000; indirect labor, $28,000; factory rent, $37,0 factory utilities, $24,000; and factory equipment depreciation, $56,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $655,000 cash in April. $ 43,000 26,000 17,000 5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet. 240,000 $ 120,000 170,000 125,000 ? In process Complete this question by entering your answers in the tabs below. ? Finished (unsold)

Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 Additional Information Req 5A $ 37,000 28,000 18,000 155,000 93,000 ? Req 5B Compute gross profit for April. Gross profit Finished (sold) a. Raw Materials Inventory has a March 31 balance of $88,000. b. Raw materials purchases in April are $520,000, and total factory payroll cost in April is $383,000. c. Actual overhead costs incurred in April are indirect materials, $55,000; indirect labor, $28,000; factory rent, $37,0 factory utilities, $24,000; and factory equipment depreciation, $56,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $655,000 cash in April. $ 43,000 26,000 17,000 5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet. 240,000 $ 120,000 170,000 125,000 ? In process Complete this question by entering your answers in the tabs below. ? Finished (unsold)

Name: H Balances on March 31Direct materials used (in March)Direct labor use
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: H Balances on March 31Direct materials used (in March)Direct labor used (in March)Overhead applied (March)Costs during AprilDirect materials usedDirect labor usedOverhead appliedStatus on April 30Additional InformationReq 5A$ 37,00028,00018,000155,00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 Additional Information Req 5A Job 306 Req 5B $ 35,400 26,400 16,400 Compute gross profit for April. Gross profit 151,000 91,400 ? Finished (sold)
J ok k nt 0 ences Cecconi Company shows the following costs for three jobs worked on in April. Balances on March 31 Direct materials (in March) Direct labor (in March) Applied overhead (March) Costs during April Direct materials Direct labor Applied overhead Status on April 30 Additional Information Requirement General Journal View transaction list Journal entry worksheet < General Ledger Prepare journal entries for the month of April's transactions. a. Raw Materials Inventory has a March 31 balance of $85,500. b. Raw materials purchases in April are $502,200, and total factory payroll cost in April is $375,100. c. Actual overhead costs incurred in April are indirect materials, $51,100; indirect labor, $24,100; factory rent, $33,100; factory utilities, $20,100; and factory equipment depreciation, $53,200. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $620,000 cash in April. 2 Date April 30 Complete this question by entering your answers in the tabs…
Marcelino Co.'s March 31 inventory of raw materials is $81,000. Raw materials purchases in April are $510,000, and factory payroll cost in April is $384,000. Overhead costs incurred in April are: indirect materials, $50,000; indirect labor, $29,000; factory rent, $36,000; factory utilities, $21,000, and factory equipment depreciation, $54,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $645,000 cash in April. Costs of the three jobs worked on in April follow. Balances on March 31 Direct materials Direct labor Applied overhead. Costs during April Direct materials. Direct labor Applied overhead Status on April 30 Job 306 $ 31,000 23,000 11,500 134,000 103,000 ? Finished (sold) Job 307 $ 38,000 16,000 8,000 200,000 152,000 ? Finished (unsold) Job 308 $110,000 100,000 ? In process
Applied vs. Actual Manufacturing Overhead direct labor incurred during the current year. a. Determine the under applied manufacturing overhead at year - end (assume it is significant). Under - applied manufacturing overhead $ b. Prepare a journal entry to record the disposition of the underapplied manufacturing overhead. Please use picture provided % is 150 Manufactuing overhead was 945,000$ and finished goods and cost of goods sold was 120, 000, 60, 000, and 420,000
Predetermined Overhead Rate, Overhead Application At the beginning of the year, Ilberg Company estimated the following costs: Overhead $416,000 Direct labor cost 520,000 Ilberg uses normal costing and applies overhead on the basis of direct labor cost. (Direct labor cost is equal to total direct labor hours worked multiplied by the wage rate.) For the month of December, direct labor cost was $38,900. Required: 1. Calculate the predetermined overhead rate for the year. Enter the percentage answer as a whole number.fill in the blank 1 % of direct labor cost 2. Calculate the overhead applied to production in December.$fill in the blank 2
Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Johnstone Manufacturing Company for the month ended March 31 are as f Inventories March 1 March 31 Materials Work in process Finished goods $193,500 129,650 98,690 $166,410 111,490 113,160 Direct labor Materials purchased during March Factory overhead incurred during March: Indirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs Direct materials: $348,300 371,520 37,150 22,450 7,740 6,190 5,420 10,060 a. Prepare a cost of goods manufactured statement for March. Johnstone Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended March 31
Determine and Use Overhead Rate The following selected ledger accounts of Cameron Company are for February (the second month of its accounting year): Materials Inventory Feb. 1 balance 113,400 February credits 406,800 February debits 374,400 Manufacturing Overhead February debits 493,920 Feb. 1 balance 41,760 February credits 490,860 Work in Process Inventory Feb. 1 balance 80,640 February credits 1,242,000 February debits: Direct material 342,000 Direct Labor 545,400 Man. overhead 490,860 Wages Payable February debits 696,600 Feb. 1 balance 162,000 February credits Finished Goods Inventory 637,200 Feb. 1 balance 275,400 February credits 1,381,320 February debits 1,242,000 a. Determine the amount of indirect material requisitioned for production during February. b. How much indirect labor cost was apparently incurred during February? c. Calculate the manufacturing overhead rate based on direct labor cost. %24
Date Item Debit Credit August 1 Bal., 5,100 units, 2/5 completed 31 Direct materials, 91,800 units 31 Direct labor 31 Factory overhead 31 Goods finished, 93,000 units 31 Bal., 2 units, 2/5 completed a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials cost per equivalent unit W 2. Conversion cost per equivalent unit 3. Cost of the beginning work in process completed during August. 4. Cost of units started and completed during August $ 5. Cost of the ending work in process $ b. Assuming that the direct materials cost is the same for July and August, did the conversion cost per equivalent unit increase, decrease, or remain th same in August? 183,600 53,290 29,978 Balance Balance Debit Credit 269,598 11,934 195,534 248,824 278,802 9,204 9,204
services XYZ industries applies overhead based on direct labor cost. The following information was available for the last year: Actual manufacturing overhead OMR50,000; Underapplied manufacturing overhead OMR10,400; Actual Prime cost OMR52,000; Actual Direct material cost OMR19,000; Estimated direct labor cost OMR41,000 overhead for the year? What was the estimated man turi Select one: O a. OMR49,200 O b.OMR39,600 O c. None of the answers given O d. OMR46,800 e OMRS1,600 ge Next page
Cost of Direct Materials Used in Production for a Manufacturing Company Walker Manufacturing Company reported the following materials data for the month ending June 30: Materials purchased Materials inventory, June 1 Materials inventory, June 30 $207,500 65,500 54,600 Determine the cost of direct materials used in production by Walker during the month ended June 30. $
Problem 1.b.: Computation of Costs of Goods Manufactured (COGM).Akari Inc. provided the following information for its work-in-process inventory account at the end of the current month.Work-in-process Inventory (WIP)Accounts $ Accounts $Beginning balance $19,500 COGM ?Direct materials (DM) $76,200Direct labor (DL) $120,000MOH allocated $72,000Ending Balance $24,300Required: Compute the Costs of Goods Manufactured (COGM) at the end of the current month.Solution: Formula:Beginning WIP+ TMC (total manufacturing costs) for the periodDM usedDL incurredMOH allocatedTMC in WIP- Ending WIP= COGM
Cost of Goods Manufactured for a Manufacturing Company The following information is available for Fuller Manufacturing Company for the month ending October 31 Cost of direct materials used in production Direct labor Work in process inventory, October 1 Work in process inventory, October 31 Total factory overhead Determine Fuller Manufacturing's cost of goods manufactured for the month ended October 31. Fuller Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended October 31 Manufacturing costs incurred during October: $155,300 186,400 69,900 94,700 85,400 Total manufacturing costs incurred Total manufacturing costs Cost of goods manufactured