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Marco Company shows the following costs for three jobs worked on in Status on April 3 0 Finished ( Sold ) Finished ( Unsold )
Marco Company shows the following costs for three jobs worked on in
Status on April Finished Sold Finished Unsold Work In Process
Required:
Determine the amount of applied to each job in April
Determine the total cost assigned to each job as of April including
Prepare the journal entries for the month of April to record the
a Material purchases on credit
b Direct materials used
c Direct labor used and paid in CASH and assigned to WIP
d Indirect materials used and assigned to Factory
e Indirect labor used and paid in cash and assigned to Factory
f Factory DH costs APPLIED to WIP Inventory
g Actual costs incurred factory rent and utilities paid in cash;
h Transfer of jobs and to inventory
i Cost of goods sold for Job
i Revenue from the sale of Job received in CASH
k Close any underapplied or overapplied to the CoGS account
Prepare a schedule of cost of goods manufactured
Compute gross profit for April. Show how the inventory accounts are
Additional Information:
A PMl Inventory has a March balance of $
B RM purchases in April are $; factory payroll cost in April is $
C Actual Qverhead in April: Indirect materials, $; indirect labor, $
Factory rent, $; Factory utilities, $; and factory depreciation, $
D Predetermined rate is of direct labor costs
E Job is sold for $CASH in April
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