Panzarella Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 $ 43,400 $ 34,60

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Panzarella Company Shows The Following Costs For Three Jobs Worked On In April Job 306 Job 307 Job 308 43 400 34 60 1 (34.18 KiB) Viewed 47 times

Panzarella Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 $ 43,400 $ 34,600 25,600 12,800 20,800 10,400 Balances on March 31 Direct materials (in March) Direct labor (in March) Applied overhead (March) Costs during April Direct materials Direct labor Applied overhead 140,600 96, 200 ? 228,400 164,000 ? $ 102,800 107,800 ? Finished Status on April 30 Finished (sold) In process (unsold) Additional Information a. Raw Materials Inventory has a March 31 balance of $94,000. b. Raw materials purchases in April are $505,600, and total factory payroll cost in April is $393,800. c. Actual overhead costs incurred in April are indirect materials, $52,800; indirect labor, $25,800; factory rent, $34,800; factory utilities, $21,800; and factory equipment depreciation, $56,600. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $660,000 cash in April.
Complete this question by entering your answers in the tabs below. Requirement General Journal General Ledger Trial Balance Job Costs Cash Accounts receivable, net Raw materials inventory Work in process inventory Finished goods inventory Factory Equipment Accumulated depreciation - Factory equipment Accounts payable Common stock, $5 par value Paid-in capital in excess of par - Common Retained earnings Cost of goods sold Total Account Title Cost of Goods Mfg Panzarella Company Trial Balance March 31, 2021 < General Ledger Job Costs > Gross Profit 60 $ Debit 715,600 236,000 75,000 264,500 524,000 365,700 2,180,800 $ Credit 111,000 223,600 556,200 306,000 206,000 778,000 2,180,800
4 4 4 4 4 4 4 ↓ 4 Requirement No. ↓ Date March 31 3 April 30 5 April 30 7 April 30 10 April 30 Date March 31 April 30 April 30 April 30 Date March 31 April 30 April 30 April 30 No. 1 2 4 No. 8 9 10 General Journal General Ledger Cash Debit Trial Balance Job Costs Credit 906,900 368,000 25,800 56,600 660,000 Raw materials inventory Debit Credit 505,600 Finished goods inventory Debit Credit 471,800 52,800 357,900 660,000 General Ledger Account Balance No. 506,000 138,000 112,200 55,600 715,600 Balance 94,000 599,600 127,800 75,000 Balance 0 906,900 549,000 (111,000) 444 No. 2 3 6 8 No. 5 6 4 7 Cost of Goods Mfg 11 Date March 31 Date March 31 April 30 April 30 April 30 April 30 Date March 31 April 30 April 30 April 30 April 30 April 30 Gross Profit Accounts receivable, net Debit Credit Work in process inventory Debit Credit 471,800 368,000 184,000 Factory overhead Debit 25,800 52,800 113,200 906,900 Credit 184,000 7,800 Balance 236,000 Balance 147,600 619,400 987,400 1,171,400 264,500 Balance 0 25,800 (158,200) (105,400) 7,800
4 No. No. 1 No. No. 9 11 Factory Equipment Date Debit March 31 Accounts payable Date Debit March 31 April 30 505,600 Paid-in capital in excess of par - Common Date Debit Credit March 31 Cost of goods sold Date Debit March 31 April 30 April 30 357,900 7,800 Credit Credit Balance 524,000 Balance 50,600 556,200 Balance 206,000 Credit < General Journal Balance 0 357,900 365,700 Accumulated depreciation - Factory equipment Date Debit Credit March 31 April 30 Common stock, $5 par value Date Debit Credit March 31 Retained earnings Date Debit March 31 Trial Balance > No. No. 7 No. 56,600 Credit Balance 167,000 223,600 Balance 306,000 Balance 778,000