Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied...

Transcribed Image Text:

Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 Job 306 Job 307 Job 308 $ 33,400 $ 39,400 24,400 14,400 22,400 13,400 146,000 89,400 ? Finished (sold) 231,000 $ 111,000 161,000 ? 116,000 ? Finished (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $84,400. b. Raw materials purchases in April are $511,000, and total factory payroll cost in April is $374,000. c. Actual overhead costs incurred in April are indirect materials, $52,750; indirect labor, $25,750; factory rent, $34,750; factory utilities, $21,750; and factory equipment depreciation, $53,750. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $646,000 cash in April. 5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet. Complete this question by entering your answers in the tabs below. Req 5A Req 5B Show how the three inventory accounts are reported on the April 30 balance sheet. Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 Job 306 Job 307 Job 308 $ 33,400 $ 39,400 24,400 14,400 22,400 13,400 146,000 89,400 ? Finished (sold) 231,000 $ 111,000 161,000 ? 116,000 ? Finished (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $84,400. b. Raw materials purchases in April are $511,000, and total factory payroll cost in April is $374,000. c. Actual overhead costs incurred in April are indirect materials, $52,750; indirect labor, $25,750; factory rent, $34,750; factory utilities, $21,750; and factory equipment depreciation, $53,750. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $646,000 cash in April. 5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet. Complete this question by entering your answers in the tabs below. Req 5A Req 5B Show how the three inventory accounts are reported on the April 30 balance sheet.