Job 306 Job 307 Job 308 Balances on March 31 Direct materials used (in March) Direct...

Transcribed Image Text:

Job 306 Job 307 Job 308 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 $ 29,000 $ 35,000 20,000 18,000 10,000 9,000 135,000 220,000 $ 100,000 85,000 ? Finished (sold) 150,000 105,000 ? Finished (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $80,000. b. Raw materials purchases in April are $500,000, and total factory payroll cost in April is $363,000. c. Actual overhead costs incurred in April are indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000; factory utilities, $19,000; and factory equipment depreciation, $51,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $635,000 cash in April. Problem 15-2A (Static) Part 5 5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 5A Req 5B Compute gross profit for April. Gross profit Job 306 Job 307 Job 308 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 $ 29,000 $ 35,000 20,000 18,000 10,000 9,000 135,000 220,000 $ 100,000 85,000 ? Finished (sold) 150,000 105,000 ? Finished (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $80,000. b. Raw materials purchases in April are $500,000, and total factory payroll cost in April is $363,000. c. Actual overhead costs incurred in April are indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000; factory utilities, $19,000; and factory equipment depreciation, $51,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $635,000 cash in April. Problem 15-2A (Static) Part 5 5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 5A Req 5B Compute gross profit for April. Gross profit

Answer rating: 100% (QA)

Answer To compute the gross profit for April we need to calculate the total cost of goods sold and t... View the full answer