GL0201 (Algo) - Based on Problem 2-2A LO P1, P2, P3, P4
Walters Company shows the following costs for three jobs worked on in April.
Job 306 Job 307 Job 308
Balances on March 31 Direct materials (in March) $ 29,800 $ 36,200 Direct labor (in March) 20,800 18,400 Applied overhead (March) 10,400 9,200 Costs during April Direct materials 135,800 221,200 $ 100,400
Direct labor 86,600 152,000 105,400
Applied overhead ? ? ?
Status on April 30 Finished (sold) Finished (unsold) In process
Additional Information
Raw Materials Inventory has a March 31 balance of $82,000.
Raw materials purchases in April are $500,800, and total factory payroll cost in April is $367,400.
Actual overhead costs incurred in April are indirect materials, $50,400; indirect labor, $23,400; factory rent, $32,400; factory utilities, $19,400; and factory equipment depreciation, $51,800.
Predetermined overhead rate is 50% of direct labor cost.
Job 306 is sold for $600,000 cash in April.