Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Having trouble with computing question G Required Information [The following information applies to the questions displayed below) Marco Company shows the following costs for three
Having trouble with computing question G
Required Information [The following information applies to the questions displayed below) Marco Company shows the following costs for three jobs worked on in April. 200 306 Job 307 Job 308 Balances on March 31 $ 30,200 $:36,200 21,200 19,200 Direct materials used (in March) Direct labor used (in March) overhead applied (March) Costs during April 11,200 10,200 138,000 223,000 Direct materials used Direct labor used. Overhead applied $ 103,000 108,000 153,000 86,200 2 Finished (sold) Finished Status on April 30 In process (unsold) Additional Information a Raw Materials Inventory has a March 31 balance of $81,200. b. Raw materials purchases in April are $503,000, and total factory payroll cost in April is $366,000. C Actual overhead costs incurred in April are Indirect materials, $50,750, Indirect labor, $23.750, factory rent, $32.750, factory utilities, $19,750, and factory equipment depreciation, $51.750 d. Predetermined overhead rate is 50% of direct labor cost. e Job 306 is sold for $638,000 cash in April. a. Materials purchases (on credit). b. Direct materials used c. Direct labor used (and paid in cash) and assigned to Work In Process Inventory. d. Indirect materials used and assigned to Factory Overhead. e. Indirect labor used (and paid in cash) and assigned to Factory Overhead. f. Overhead costs applied to Work In Process Inventory.. g. Actual other overhead costs incurred (Factory rent and utilities are paid in cash) h. Transfer of Jobs 306 and 307 to Finished Goods Inventory. 1. Cost of goods sold for Job 306. J. Revenue from the sale of Job 306 received in cash. k. Close underapplied or overapplied overhead to the Cost of Goods Sold account. 3. Prepare journal entries for the month of April to record the above transactions. Answer is not complete. Required information No Transaction 1 2 3 4 5 6 7 8 9 10 11 e. 9. h. General Journal Raw materials inventory Accounts payable Work in process inventory Raw materials inventory Work in process inventory Cash Factory overhead Raw materials inventory Factory overhead Cash Work in process inventory Factory overhead Factory overhead Cash Finished goods inventory Work in process inventory Cost of goods sold Finished goods inventory Cash Sales Cost of goods sold Factory overhead 33 33 33 33 30 33 30 33 O 33 O 33 33 Debit 503,000 464,000 347,200 50,750 23,750 173,600 52,500 848,000 329,900 638,000 5,150 3 S 3 Credit 503,000 464,000 347,200 50,750 23,750 173,600 52,500 848,000 329,900 638,000 5,150 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started