Ciolino Co.\'s March 31 inventory of raw materials is $130,000. Raw materials pu

Question

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 307Job 308 Balances on March 31 $ 8,000 13,000 5,200 22,000 Direct materials Direct labor Applied overhead 14,000 5,600 Costs during April Direct materials Direct labor Applied overhead 05,000 41000 70,000 75,000 62,000 120,000 Status on April 30 Finished (sold) Finished (unsold) In process

Explanation / Answer

1 Job 306 Job 307 Job 308 Total From March Direct materials 8000 22000 30000 Direct Labour 13000 14000 27000 Applied OH 5200 5600 10800 Beg. GIP 26200 41600 67800 From April Direct materials 105000 170000 75000 350000 Direct Labour 41000 62000 120000 223000 Applied OH 16400 24800 48000 89200 Total costs added in April 162400 256800 243000 662200 Total costs Apr 30 188600 298400 243000 730000 Status on Apr.30 Finished(Sold) Finished(UnSold) Inprocess 3 CIOLINO COMPANY Manufacturing Statement For the month ended April.30 Direct materials 380000 Direct Labour 250000 Factory OH Indirect materials 30000 Indirect labour 14000 Factory rent 17000 Factory utilities 11000 Factory Equipment Depn. 20200 Total Factory OH 92200 Total Manufacturing costs 722200 Less:Cost of GIP 243000 Cost of goods manufactured 479200 Factory OH A/C Incurred : Indirect materials 30000 Indirect labour 14000 Factory rent 17000 Factory utilities 11000 Factory Equipment Depn. 20200 OH applied to Job 306 16400 OH applied to Job 307 24800 OH applied to Job 308 48000 Under applied OH trf. To COGS 3000 92200 92200 Sales value of Job 306 390000 Cost of goods sold: Cost as per Job cost sheet 188600 Add: Under-applied Factory OH 3000 191600 Gross Profit 198400 Value of Inventory in April 30 Balance Sheet Raw Materials(450000-350000) 100000 Finished goods (Job 307) 298400 Goods in process -Job 308 243000

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.