Ciolino Co.'s March 31 inventory of raw materials is $100,000. Raw materials purchases in April...
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Accounting
Ciolino Co.'s March 31 inventory of raw materials is $100,000. Raw materials purchases in April are $500,000, and factory payroll cost in April is $229,000. Overhead costs incurred in April are: indirect materials, $32,000; indirect labor, $12,000; factory rent, $21,000; factory utilities, $11,000; and factory equipment depreciation, $47,950. The predetermined overhead rate is 55% 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 307
Job 308
Balances on March 31
Direct materials
$
15,000
$
16,000
Direct labor
16,000
6,000
Applied overhead
8,800
3,300
Costs during April
Direct materials
75,000
180,000
$
75,000
Direct labor
41,000
66,000
110,000
Applied overhead
?
?
?
Status on April 30
Finished (sold)
Finished (unsold)
In process
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