Question: PLEASE HELP. i WILL leave a thumbs up if all is completed. I would really appreciate it! Marco Company shows the following costs for three

PLEASE HELP. i WILL leave a thumbs up if all is completed. I would really appreciate it!
PLEASE HELP. i WILL leave a thumbs up if all is completed.
I would really appreciate it! Marco Company shows the following costs for
three jobs worked on in April. Additional Information a. Raw Materials Inventory
has a March 31 balance of $85,200. b. Raw materials purchases in
April are $513,000, and total factory payroll cost in April is $376,000.
c. Actual overhead costs incurred in April are indirect materials, $53,250; indirect
labor, $26,250; factory rent, $35,250; factory utilities, $22,250; and factory equipment depreciation,
$54,250. d. Predetermined overhead rate is 50% of direct labor cost. e.
Job 306 is sold for $648,000 cash in April. 2. Determine the
total cost assigned to each job as of April 30 (including the
balances from March 31). Record the entry for material purchased on credit.
Note: Enter debits before credits. Note: Enter debits before credits. Record the
direct labor (paid in cash). Note: Enter debits before credits. Record the
indirect materials used. Note: Enter debits before credits. Note: Enter aedits Detore
creaits. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet
Record the actual other overhead costs incurred (Factory rent and utilities are
paid in cash.) Note: Enter debits before credits. Record the transfer of

Marco Company shows the following costs for three jobs worked on in April. Additional Information a. Raw Materials Inventory has a March 31 balance of $85,200. b. Raw materials purchases in April are $513,000, and total factory payroll cost in April is $376,000. c. Actual overhead costs incurred in April are indirect materials, $53,250; indirect labor, $26,250; factory rent, $35,250; factory utilities, $22,250; and factory equipment depreciation, $54,250. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $648,000 cash in April. 2. Determine the total cost assigned to each job as of April 30 (including the balances from March 31). Record the entry for material purchased on credit. Note: Enter debits before credits. Note: Enter debits before credits. Record the direct labor (paid in cash). Note: Enter debits before credits. Record the indirect materials used. Note: Enter debits before credits. Note: Enter aedits Detore creaits. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Record the actual other overhead costs incurred (Factory rent and utilities are paid in cash.) Note: Enter debits before credits. Record the transfer of Jobs 306 and 307 to Finished Goods Inventory. Note: Enter debits before credits. Record the cost of goods sold for Job 306 . Note: Enter debits before credits. Record the revenue from the sale of Job 306 received in cash. Note: Enter debits before credits. Record the entry to close underapplied or overapplied overhead to the Cost of Goods Sold account. Note: Enter debits before credits. 4. Prepare a schedule of cost of goods manufactured for the month ended April 30. Complete this question by entering your answers in the tabs below. Compute gross profit for April. Show how the three inventory accounts are reported on the April 30 balance sheet

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!