Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need to find the compute gross profit for April, also the price of raw materials, work in process, finishing goods, and total inventories [The following

Need to find the compute gross profit for April, also the price of raw materials, work in process, finishing goods, and total inventories

image text in transcribed
[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 Balances on March 31 Direct materials used (in March) $ 30, 090 $ 37, 000 Direct labor used (in March) 21, 000 14, 000 Overhead applied (March) 10, 500 7,000 Costs during April Direct materials used 133 , 000 215, 000 $ 110, 000 Direct labor used 101, 000 155, 000 103, 009 Overhead applied ? ? Status on April 30 Finished Finished (sold) (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $84,000. b. Raw materials purchases in April are $540,000, and total factory payroll cost in April is $387,000. c. Actual overhead costs incurred in April are indirect materials, $52,000; indirect labor, $28,000; factory rent, $36,000; factory utilities, $21,000; and factory equipment depreciation, $57,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $675,000 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

Managerial Accounting An Integrative Approach

Authors: C J Mcnair Connoly, Kenneth Merchant

2nd Edition

099950049X, 978-0999500491

More Books

Students also viewed these Accounting questions