Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

5 Required information Problem 15-2A (Algo) Computing and recording job costs; preparing schedule of cost of goods manufactured LO P1, P2, P3, P4 [The

image text in transcribedimage text in transcribed

5 Required information Problem 15-2A (Algo) Computing and recording job costs; preparing schedule of cost of goods manufactured LO P1, P2, P3, P4 [The following information applies to the questions displayed below] 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 ces Status on April 30 $ 42,000 14,000 7,000 Job 306- Job 307 Job 308 $31,000 21,000 10,500 137,000 102,000 200,000 152,000 $110,000 101,000 Finished (sold) Finished (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $90,000. b. Raw materials purchases in April are $510,000, and total factory payroll cost in April is $382,000. c. Actual overhead costs incurred in April are indirect materials, $58,000, indirect labor, $27,000, factory rent, $39,000; factory utilities, $24,000; and factory equipment depreciation, $63,000 d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $685,000 cash in April. Check my wo

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Corporate Financial Accounting

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

14th edition

130565353X, 978-1305887510, 1305887514, 978-1305653535

More Books

Students also viewed these Accounting questions

Question

Why would a business researcher want to collect data?

Answered: 1 week ago