Ciolino Co.’s March 31 inventory of raw materials is $200,000. Raw materials purchases in April are $420,000, and factory payroll cost in April is $218,000. Overhead costs incurred in April are: indirect materials, $32,000; indirect labor, $16,000; factory rent, $19,000; factory utilities, $12,000; and factory equipment depreciation, $37,900. The predetermined overhead rate is 55% of direct labor cost. Job 306 is sold for $370,000 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
$
10,000
$
15,000
Direct labor
17,000
13,000
Applied overhead
9,350
7,150
Costs during April
Direct materials
105,000
180,000
$
75,000
Direct labor
32,000
50,000
120,000
Applied overhead
?
?
?
Status on April 30
Finished (sold)
Finished (unsold)
In process
Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total cost assigned to each job (including the balances from March 31).
Job 306
From March
Direct Materials $10,000
Direct Labor $ 17,000
Applied Overhead $ 9,350
Beginning goods in process ?
For April
Direct Materials $ 105,000
Direct Labor $ 32,000
Applied Overhead ?
Total costs added in April ?
Total costs (April 30) ? Status on April 30 Finished (sold)
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