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

Transcribed Image Text:

Marco Company shows the following costs for three jobs worked on in April. 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 Additional Information Job 306 $ 35,000 26,000 16,000 150,000 91,000 Job 307 $ 41,000 24,000 15,000 235,000 $ 115,000 120,000 165,000 Finished Finished (sold) (unsold) Job 308 d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $650,000 cash in April. In process a. Raw Materials Inventory has a March 31 balance of $86,000. b. Raw materials purchases in April are $515,000, and total factory payroll cost in April is $378,000. c. Actual overhead costs incurred in April are indirect materials, $53,750; indirect labor, $26,750; factory rent, $35,750; factory utilities, $22,750; and factory equipment depreciation, $54,750. 5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet. Marco Company shows the following costs for three jobs worked on in April. 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 Additional Information Job 306 $ 35,000 26,000 16,000 150,000 91,000 Job 307 $ 41,000 24,000 15,000 235,000 $ 115,000 120,000 165,000 Finished Finished (sold) (unsold) Job 308 d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $650,000 cash in April. In process a. Raw Materials Inventory has a March 31 balance of $86,000. b. Raw materials purchases in April are $515,000, and total factory payroll cost in April is $378,000. c. Actual overhead costs incurred in April are indirect materials, $53,750; indirect labor, $26,750; factory rent, $35,750; factory utilities, $22,750; and factory equipment depreciation, $54,750. 5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet.

Answer rating: 100% (QA)

5a Computing Gross Profit for April 1 Calculate Total Manufacturing Cost Direct Materials Beginning ... View the full answer