Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I am just bot getting this please help!! Explain please Required Information [The following information applies to the questions displayed below.) Marco Company shows the
I am just bot getting this please help!! Explain please
Required Information [The following information applies to the questions displayed below.) Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 $ 29,000 20,000 10,000 $ 35,000 18,000 9,000 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 30 135,000 85,000 220,000 150,000 $ 100,000 105,000 2 Pinished (hold) 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 foctory 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 Job 306 Job 307 Job 309 April Total March $ Direct materials 35,000 Direct labor 29,000 20,000 10,000 18,000 9,000 $ O 135,000 85,000 220,000 150,000 100,000 105,000 455,000 340,000 0 Overhead applied Work in process, beginning April Direct materials Direct labor Overhead applied Costs added in April Total costs Status on April 30 April 30 cost included in: 205,000 370,000 795,000 220,000 $ 0 Finished (sold) Cost of goods sold Finished (unsold) Finished goods inventory In process Work in process inventory 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