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Marco Company shows the following costs for three jobs worked on in April. Additional Information a . Raw Materials Inventory has a March 3 1
Marco Company shows the following costs for three jobs worked on in April. Additional Information a Raw Materials Inventory has a March balance of $ b Raw materials purchases in April are $ and total factory payroll cost in April is $ c Actual overhead costs incurred in April are indirect materials, $; indirect labor, $; factory rent, $; factory utilities, $; and factory equipment depreciation, $ d Predetermined overhead rate is of direct labor cost. e Job is sold for $ cash in April. Required Determine the amount of overhead applied to each job in April. Determine the total cost assigned to each job as of April including the balances from March Prepare journal entries for the month of April to record the following. 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 and to Finished Goods Inventory. i Cost of goods sold for Job j Revenue from the sale of Job received in cash. k Close underapplied or overapplied overhead to the Cost of Goods Sold account. Prepare a schedule of cost of goods manufactured. Compute gross profit for April. Show how the three inventory accounts are reported on the April balance sheet.
Marco Company shows the following costs for three jobs worked on in April.
Additional Information
a Raw Materials Inventory has a March balance of $
b Raw materials purchases in April are $ and total factory payroll cost in April is $
c Actual overhead costs incurred in April are indirect materials, $; indirect labor, $;
factory rent, $; factory utilities, $; and factory equipment depreciation, $
d Predetermined overhead rate is of direct labor cost.
e Job is sold for $ cash in April.
Required
Determine the amount of overhead applied to each job in April.
Determine the total cost assigned to each job as of April including the balances from March
Prepare journal entries for the month of April to record the following.
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 and to Finished Goods Inventory.
i Cost of goods sold for Job
j Revenue from the sale of Job received in cash.
k Close underapplied or overapplied overhead to the Cost of Goods Sold account.
Prepare a schedule of cost of goods manufactured.
Compute gross profit for April. Show how the three inventory accounts are reported on the April
balance sheet.
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