Marco Company shows the following costs for three jobs worked on in April.

Job 306 Job 307 Job 308
Balances on March 31
Direct materials used (in March) $ 29,000 $ 37,000
Direct labor used (in March) 24,000 18,000
Overhead applied (March) 12,000 9,000
Costs during April
Direct materials used 134,000 210,000 $ 120,000
Direct labor used 104,000 155,000 103,000
Overhead applied ? ? ?
Status on April 30 Finished (sold) Finished (unsold) In process

Additional Information

Raw Materials Inventory has a March 31 balance of $89,000.
Raw materials purchases in April are $550,000, and total factory payroll cost in April is $386,000.
Actual overhead costs incurred in April are indirect materials, $54,000; indirect labor, $24,000; factory rent, $34,000; factory utilities, $21,000; and factory equipment depreciation, $55,000.
Predetermined overhead rate is 50% of direct labor cost.
Job 306 is sold for $650,000 cash in April.
Required:
1. Determine the amount of overhead applied to each job in April.

Question

jimivazquez4 jimivazquez4

11-04-2022
Business

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Marco Company shows the following costs for three jobs worked on in April.

Job 306 Job 307 Job 308
Balances on March 31
Direct materials used (in March) $ 29,000 $ 37,000
Direct labor used (in March) 24,000 18,000
Overhead applied (March) 12,000 9,000
Costs during April
Direct materials used 134,000 210,000 $ 120,000
Direct labor used 104,000 155,000 103,000
Overhead applied ? ? ?
Status on April 30 Finished (sold) Finished (unsold) In process

Additional Information

Raw Materials Inventory has a March 31 balance of $89,000.
Raw materials purchases in April are $550,000, and total factory payroll cost in April is $386,000.
Actual overhead costs incurred in April are indirect materials, $54,000; indirect labor, $24,000; factory rent, $34,000; factory utilities, $21,000; and factory equipment depreciation, $55,000.
Predetermined overhead rate is 50% of direct labor cost.
Job 306 is sold for $650,000 cash in April.
Required:
1. Determine the amount of overhead applied to each job in April.

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anthougo anthougo · Answer 1 · 2022-04-15T12:02:41+02:00

The determination of the amount of the overhead applied to each job in April based on the predetermined overhead rate of 50% of direct labor cost for Marco Company is as follows:

Job 306 Job 307 Job 308

Overhead applied in April $52,000 $77,500 $51,500

What is overhead allocation?

Overhead allocation is the process of assigning overhead costs to jobs or units of products.

Some companies use the predetermined overhead rate, which is a companywide (departmental) rate while others use the ABC overhead rates, which are based on the activity levels.

Data and Calculations:

Overhead allocation = 50% of direct labor cost

Job 306 Job 307 Job 308

Direct labor used $104,000 $155,000 $103,000

Overhead applied in April $52,000 $77,500 $51,500 ($103,000 x 50%)

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