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Lemmon Co.'s March 31 inventory of raw materials i...

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Lemmon Co.'s March 31 inventory of raw materials is $170,000. Raw materials purchases in April are $310,000, and factory payroll cost in April is $224,000. Overhead costs incurred in April are: indirect materials, $25,000; indirect labor, $19,000; factory rent, $25,000; factory utilities, $13,000; and factory equipment depreciation, $41,000. The predetermined overhead rate is 65% of direct labor cost. Job 306 is sold for $400,000 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 $9,000 $17,000 Direct labor 19,000 $5,000 Applied overhead 12,350 3,250 Costs during April Direct materials 75,000 160,000 65,000 Direct labor 31,000 74,000 100,000 Applied overhead ? ? ? Status on April 30 Finished (sold) Finished (unsold) In process --------------------------------------------------------------------------------

 

Paper#10784 | Written in 18-Jul-2015

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