Ciolino Co.\'s March 31 inventory of raw materials is $100,000. Raw materials pu

Question

Ciolino Co.'s March 31 inventory of raw materials is $100,000. Raw materials purchases in April are $430,000, and factory payroll cost in April is $258,000. Overhead costs incurred in April are: indirect materials, $23,000; indirect labor, $15,000; factory rent, $19,000; factory utilities, $11,000; and factory equipment depreciation, $70,650. The predetermined overhead rate is 55% of direct labor cost. Job 306 is sold for $330,000 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 $ 12,000 $ 21,000 Direct labor 14,000 10,000 Applied overhead 7,700 5,500 Costs during April Direct materials 125,000 170,000 $ 75,000 Direct labor 44,000 69,000 130,000 Applied overhead ? ? ? Status on April 30 Finished (sold) Finished (unsold) In process

Explanation / Answer

24200

[44000*55%]

37950

[69000*55%]

71500

[130000 * 55%]

PARTICULLAR JOB 306 JOB 307 JOB 308 BALANCE ON MARCH 31 DIRECT MATERIAL $12000 $21000 $0 DIRECT LABOUR 14000 10000 0 APPLIED OVER HEAD 7700 5500 0 BEGINNING WORK IN PROGRESS 33700 36500 0 COST DURING APRIL DIRECT MATERIAL 125000 170000 75000 DIRECT LABOUR 44000 69000 130000 APPLIED OVERHEAD

24200

[44000*55%]

37950

[69000*55%]

71500

[130000 * 55%]

COST OF PRODUCTION 226900 313450 N/A SALE OF JOB 306 330000 N/A N/A PROFIT ON SALE 103100 N/A N/A ENDING FINISHED GOODS N/A 313450 N/A ENDING WORK IN PROGRESS N/A N/A 276500

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