Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Marco Company shows the following costs for three jobs worked on in April, Job 306 Job 307 Job 308 Balances on March 31 Direct

image text in transcribedimage text in transcribedimage text in transcribed

Marco Company shows the following costs for three jobs worked on in April, Job 306 Job 307 Job 308 Balances on March 31 Direct materials used (in March), $ 28,000 Direct labor used (in March) 24,000 Overhead applied (March) 12,000 $ 36,000 17,000 8,500 Costs during April Direct materials used 136,000 25 Status on April 30 Direct labor used Overhead applied 102,000 205,000 $110,000 154,000 2 7 101,000 2 Finished Finished (sold) (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $82,000. b. Raw materials purchases in April are $560,000, and total factory payroll cost in April is $382,000. c. Actual overhead costs incurred in April are indirect materials, $30,000; indirect labor, $25,000; factory rent, $35,000; factory utilities, $24,000; and factory equipment depreciation, $59,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $670,000 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.

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

Intermediate Accounting

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.

9th Canadian Edition, Volume 2

470964731, 978-0470964736, 978-0470161012

More Books

Students also viewed these Accounting questions

Question

I:2-17 Explain what is meant by the phrase maintain a household.

Answered: 1 week ago