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) Direct materials used Costs during April Direct labor used Overhead applied Status on April 30 13,000 6,500 210,000 $110,000 154,000 Job 306 Job 307 Job 308 $ 28,000 24,000 $ 40,000 12,000 131,000 104,000 ? 100,000 ? Finished (sold) Finished In process (unsold) Additional Information a. Raw Materials Inventory has a March 31 balance of $88,000. b. Raw materials purchases in April are $520,000, and total factory payroll cost in April is $382,000 c. Actual overhead costs incurred in April are indirect materials, $57,000; indirect labor, $24,000, factory rent, $34,000 factory utilities, $21,000; and factory equipment depreciation, $55,000 d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $635,000 cash in April. 4. Prepare a schedule of cost of goods manufactured for the month end April 30 MARCO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30- Direct materials used S 451,000 Direct labor 358,000 Factory overhead applied 179,000 Total manufacturing costs 988,000 Add: Work in process inventory, beginning Total cost of work in process 988,000 Less: Work in process inventory, ending 635,000 Cost of goods manufactured $ 353,000 19 THE " Next > Required information [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 Status on April 30 Additional Information Job 306 Job 307 Job 308 $ 28,000 24,000 12,000 $ 40,000 13,000 6,500 131,000 104,000 P Finished (sold) 210,000 $110,000 154,000 100,000 Finished In process (unsold) a. Raw Materials Inventory has a March 31 balance of $88,000. b. Raw materials purchases in April are $520,000, and total factory payroll cost in April is $382,000. c. Actual overhead costs incurred in April are indirect materials, $57,000, indirect labor, $24.000; factory rent, $34,000, factory utilities, $21,000; and factory equipment depreciation, $55,000. d. Predetermined overhead rate is 50% of direct labor cost e. Job 306 is sold for $635,000 cash in April. 5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet Complete this question by entering your answers in the tabs below. Req 5A Req 5B 9 Next > Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 Additional Information 131,000 104,000 ? Finished 210,000 154,000 > $110,000 100,000 ? Finished (sold) (unsold) In process a. Raw Materials Inventory has a March 31 balance of $88,000. b. Raw materials purchases in April are $520,000, and total factory payroll cost in April is $382,000. c. Actual overhead costs incurred in April are indirect materials, $57,000, indirect labor, $24,000, factory rent, $34,000, factory utilities, $21,000; and factory equipment depreciation, $55,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $635,000 cash in April. 5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet. Complete this question by entering your answers in the tabs below. Req SA Req 5B Compute gross profit for April. Gross profit Req SA Req 5B > Complete this question by entering your answers in the tabs below. Req 5A Req 5B Show how the three inventory accounts are reported on the April 30 balance sheet. Raw materials Inventories Work in process Finished goods Total inventories $ 520,000 4 $ 520,000 [The following information applies to the questions displayed below] Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's production activities during May follows a. Purchased raw materials on credit, $260,000. b. Materials requisitions record use of the following materials for the month. Job 136 Job 137 Job 138 Job 139 Job 140 Total direct materials Indirect materials Total materials requisitions $ 49,000 32,000 19,400 23,000 7,000 130,400 20,000 $ 150,400 c. Time tickets record use of the following labor for the month. These wages were paid in cash. Job 136 Job 137 Job 138 Job 139 $ 12,100 10,700 37,900 39,600 3,600 103,900 26,000 Job 140 Total direct labor Indirect labor Total labor cost $ 129,900 d. Applied overhead to Jobs 136, 138, and 139. e. Transferred Jobs 136, 138, and 139 to Finished Goods Inventory. f. Sold Jobs 136 and 138 on credit at a total price of $545,000. g. Recorded the cost of goods sold for Jobs 136 and 138 h. Incurred the following actual other overhead costs during the month. Depreciation of factory building $ 69,000 Depreciation of factory equipment Expired factory insurance 37,000 10,000 16 17 Prev 38 18 of 19 Next > d. Applied overhead to Jobs 136, 138, and 139. e. Transferred Jobs 136, 138, and 139 to Finished Goods Inventory. f. Sold Jobs 136 and 138 on credit at a total price of $545,000. g. Recorded the cost of goods sold for Jobs 136 and 138. h. Incurred the following actual other overhead costs during the month Depreciation of factory building Depreciation of factory equipment Expired factory insurance Accrued property taxes payable $ 69,000 37,000 10,000 36,000 i. Applied overhead at month-end to the Work in Process Inventory account (for Job 137 and 140) using the predetermined overhead rate of 200% of direct labor cost 2. Prepare journal entries to record the events and transactions a through i View transaction list View journal entry worksheet No Transaction General Journal 1 Raw materials inventory 2 b(1) Accounts payable b(2) Work in process inventory Factory overhead Cash Factory overhead Cash Debit Credit 260,000 260,000 Required information [The following information applies to the questions displayed below] Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's production activities during May follows. a. Purchased raw materials on credit, $260,000. b. Materials requisitions record use of the following materials for the month. Job 136 Job 137 Job 138 Job 139 $ 49,000 32,000 19,400 23,000 7,000 Job 140 Total direct materials Indirect materials Total materials requisitions 130,400 20,000 $ 150,400 c. Time tickets record use of the following labor for the month. These wages were paid in cash Job 136 Job 137 $ 12,100 Job 138 Job 139 Job 140 Total direct labor Indirect labor Total labor cost 10,700 37,900 39,600 3,600 103,900 26,000 $ 129,900 d. Applied overhead to Jobs 136, 138, and 139. e. Transferred Jobs 136, 138, and 139 to Finished Goods Inventory f. Sold Jobs 136 and 138 on credit at a total price of $545,000. g. Recorded the cost of goods sold for Jobs 136 and 138. h Incurred the following actual other overhead costs during the month. E Next Depreciation of factory building Depreciation of factory equipment Expired factory insurance Accrued property taxes payable $ 69,000 37,000 10,000 36,000 i. Applied overhead at month-end to the Work in Process Inventory account (for Job 137 and 140) using the predetermined overhead rate of 200% of direct labor cost Post the journal entries for the transactions to the following T-accounts, each of which started the month with a zero balanc Raw Materials Inventory Work in Process Inventory (1) Ending balance 0 Ending balance Ending balance Ending balance 0 Factory Overhead Finished Goods Inventory Cost of Goods Sold Ending balance of 19 Next Required information [The following information applies to the questions displayed below] Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's production activities during May follows. a. Purchased raw materials on credit, $260,000. b. Materials requisitions record use of the following materials for the month Job 136 Job 137 Job 138 Job 139 Job 140 Total direct materials Indirect materials Total materials requisitions $ 49,000 32,000 19,400 23,000 7,000 130,400 20,000 $ 150,400 c. Time tickets record use of the following labor for the month. These wages were paid in cash Job 136 Job 137 Job 138 Job 139 Job 140 Total direct labor. Indirect labor Total labor cost $ 12,100 10,700 37,900 39,600 3,600 103,900 26,000 $ 129,900 d. Applied overhead to Jobs 136, 138, and 139. e. Transferred Jobs 136, 138, and 139 to Finished Goods Inventory. f. Sold Jobs 136 and 138 on credit at a total price of $545,000. g. Recorded the cost of goods sold for Jobs 136 and 138. h. Incurred the following actual other overhead costs during the month. Depreciation of factory building $ 69,000 < Prev 18 of 19 Next > N 7 Depreciation of factory building Depreciation of factory equipment Expired factory insurance Accrued property taxes payable $ 69,000 37,000 10,000 36,000 1. Applied overhead at month-end to the Work in Process Inventory account (for Job 137 and 140) using the predetermined overhead rate of 200% of direct labor cost. (a) Compute the total cost of each job in process and prove that the sum of their costs equals the Work in Process Inventory account balance. (b) Compute the total cost of each job finished but not sold, and prove that the sum of their costs equals the Finished Goods Inventory balance. (c) Compute the total cost of each job sold, and prove that the sum of their costs equals the Cost of Goods Sold balance Total Job Costs (a) Work in Process Inventory Balance (b) Finished Goods Inventory Balance (c) Cost of Goods Sold Balance The following information is available for a custom manufacturer. Inventories Raw materials, beginning $38,000 Work in process, beginning 12,400 Finished goods, beginning 8,750 Cost of goods manufactured 95,290 Cost of goods sold (not considering over- or underapplied overhead) 83,200 Sales 100,000 Predetermined overhead rate based on direct materials used 80% Costs incurred for the period Raw materials purchases $18,460 Direct materials used 43,250 Direct labor used 22,800 Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs 9,300 16,400 4,300 Required: 1. Complete the T-accounts for each of the three inventory accounts using the data provided in the above table. (Use cells A4 to E11 from the given information to complete this question.) Beginning Raw Materials Inventory Beginning Raw Materials Inventory Ending Work in Process Inventory Beginning Ending Beginning Finished Goods Inventory Ending 2. Compute overapplied or underapplied overhead. (Use cells A4 to E11 from the given information to complete this question.) ou need to solve this question or can be used to sh