[The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 308 $ 36,600 27,600 17,600 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 30 154,000 92,600 Finished (sold) Job 307 $ 42,600 25,600 16,600 239,000 $ 119,000 169,000 124,000 Finished (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $87,600. b. Raw materials purchases in April are $519,000, and total factory payroll cost in April is $382,000. c. Actual overhead costs incurred in April are indirect materials, $54,750; indirect labor, $27,750; factory rent, $36,750; factory utilities, $23,750; and factory equipment depreciation, $55,750. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $654,000 cash in April.
[The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 308 $ 36,600 27,600 17,600 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 30 154,000 92,600 Finished (sold) Job 307 $ 42,600 25,600 16,600 239,000 $ 119,000 169,000 124,000 Finished (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $87,600. b. Raw materials purchases in April are $519,000, and total factory payroll cost in April is $382,000. c. Actual overhead costs incurred in April are indirect materials, $54,750; indirect labor, $27,750; factory rent, $36,750; factory utilities, $23,750; and factory equipment depreciation, $55,750. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $654,000 cash in April.
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter2: Job Order Costing
Section: Chapter Questions
Problem 4BE: Applying factory overhead Bergan Company estimates that total factory overhead costs will be 620,000...
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Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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![Required information
[The following information applies to the questions displayed below.]
Marco Company shows the following costs for three jobs worked on in April.
Job 306
Job 307
$ 36,600
$ 42,600
27,600
25,600
17,600
16,600
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
Camata rafit for Amall
< Prev
C
154,000
92,600
?
Finished
(sold)
5
Additional Information
a. Raw Materials Inventory has a March 31 balance of $87,600.
b. Raw materials purchases in April are $519,000, and total factory payroll cost in April is $382,000.
c. Actual overhead costs incurred in April are indirect materials, $54,750; indirect labor, $27,750;
factory rent, $36,750; factory utilities, $23,750; and factory equipment depreciation, $55,750.
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $654,000 cash in April.
of 5
www
239,000 $119,000
169,000
124,000
?
Finished
(unsold)
Job 308
Next
In process](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F52615ebc-3deb-446b-94e8-8fddbf33eb42%2F51ef7161-9254-46f1-9f36-6e4a61b5c899%2F228ife_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Marco Company shows the following costs for three jobs worked on in April.
Job 306
Job 307
$ 36,600
$ 42,600
27,600
25,600
17,600
16,600
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
Camata rafit for Amall
< Prev
C
154,000
92,600
?
Finished
(sold)
5
Additional Information
a. Raw Materials Inventory has a March 31 balance of $87,600.
b. Raw materials purchases in April are $519,000, and total factory payroll cost in April is $382,000.
c. Actual overhead costs incurred in April are indirect materials, $54,750; indirect labor, $27,750;
factory rent, $36,750; factory utilities, $23,750; and factory equipment depreciation, $55,750.
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $654,000 cash in April.
of 5
www
239,000 $119,000
169,000
124,000
?
Finished
(unsold)
Job 308
Next
In process
Transcribed Image Text:5-a. Compute gross profit for April.
5-b. Show how the three inventory accounts are reported on the April 30 balance sheet.
Complete this question by entering your answers in the tabs below.
Req 5A
Compute gross profit for April.
Gross profit
Req 5B
Req SA
Raw materials
Work in process
Finished goods
Total inventories
< Prev
5-a. Compute gross profit for April.
5-b. Show how the three inventory accounts are reported on the April 30 balance sheet.
Req 5B
S
5 of 5 ⠀
Complete this question by entering your answers in the tabs below.
Inventories
Req 58 >
Next >
Show how the three inventory accounts are reported on the April 30 balance sheet.
< Req 5A
Reg 58 >
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