Question
Please answer the following question there are 5 parts and please put it in a similar format if you can :) Ill be sure to
Please answer the following question there are 5 parts and please put it in a similar format if you can :) Ill be sure to thumbs up, thanks!
goes along with part 3
Record the direct materials used in production.
Record the direct labor (paid in cash).
Record the direct labor (paid in cash).
Record the indirect labor (paid in cash).
Record the application of overhead costs.
Record the actual other overhead costs incurred (Factory rent and utilities are paid in cash.)
Record the transfer of Jobs 306 and 307 to Finished Goods Inventory.
Record the cost of goods sold for Job 306.
Record the revenue from the sale of Job 306 received in cash.
Record the entry to close underapplied or overapplied overhead to the Cost of Goods Sold account.
Required Information Problem 2-2A (Algo) Computing and recording Job costs; preparing schedule of cost of goods manufactured LO P1, P2, P3, P4 [The following information applies to the questions displayed below.) Marco Company shows the following costs for three jobs worked on in April. Job 386 Job 3e7 Job 308 $ 26,eee 25, eee 12,5ee $ 35,000 15,000 7,500 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 30 131, 880 1e1,eee ? Finished (sold) 220,000 151, eee ? Finished (unsold) $ 105,000 184,000 ? In process Additional Information a. Raw Materials Inventory has a March 31 balance of $89,000. b. Raw materials purchases in April are $580,000, and total factory payroll cost in April is $386,000. c. Actual overhead costs incurred in April are Indirect materials. $51,000; Indirect labor, $30,000; factory rent, $36.000; factory utilities, $24,000, and factory equipment depreciation, $60,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $685,000 cash in April. Problem 2-2A (Algo) Part 1 Required: 1. Determine the amount of overhead applied to each job in April. 306 307 308 April Total S 0 0.50 0.50 0.50 0.50 Predetermined overhead rate Overhead applied {The following information applies to the questions displayed below.) Marco Company shows the following costs for three jobs worked on in April. Job 386 Job 3e7 Job 308 Balances on March 31 Direct materials used (in March) $ 26, eee $ 35,000 Direct labor used (in March) 25,000 15,000 Overhead applied (March) 12,500 7,500 Costs during April Direct materials used 131, eee 220, eee $ 105,000 Direct labor used 1e1,eee 151,600 104,000 Overhead applied ? ? Finished Finished Status on April 30 (sold) In process (unsold) Additional Information ? a. Raw Materials Inventory has a March 31 balance of $89,000. b. Raw materials purchases in April are $580,000, and total factory payroll cost in April is $386,000. c. Actual overhead costs incurred in April are Indirect materials. $51,000; Indirect labor. $30,000; factory rent, $36,000; factory utilitles, $24,000; and factory equipment depreciation, $60,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $685,000 cash in April. Problem 2-2A (Algo) Part 2 2. Determine the total cost assigned to each job as of April 30 (including the balances from March 31). Job 306 Job 307 Job 308 April Total $ 26.000 $ 35.000 25,000 15,000 12.500 7,500 S 0 March Direct materials Direct labor Overhead applied Work in process, beginning April Direct materials Direct labor Overhead applied Costs added in April Total costs Status on April 30 April 30 cost included in 220.000 131,000 101,000 105,000 104,000 151,000 456,000 356,000 0 812,000 0 232.000 371.000 209,000 S Finished (sold) Finished (unsold) In process Problem 2-2A (Algo) Part 3 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 306 and 307 to Finished Goods Inventory. 1. Cost of goods sold for Job 306. J. Revenue from the sale of Job 306 received in cash. k. Close underapplied or overapplied overhead to the Cost of Goods Sold account. 3. Prepare journal entries for the month of April to record the above transactions. View transaction list Journal entry worksheet [The following Information applies to the questions displayed below.) Marco Company shows the following costs for three jobs worked on in April.. Job 386 Job 307 Job 308 $ 26,000 25, eee 12,5ee $ 35,000 15, eee 7,500 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 30 131, eee 181, 880 ? Finished (sold) 220,000 151,000 ? Finished (unsold) $ 105,000 104,000 ? In process Additional Information a. Raw Materials Inventory has a March 31 balance of $89,000. b. Raw materials purchases in Aprli are $580,000, and total factory payroll cost in April is $386,000. c. Actual overhead costs incurred in April are Indirect materials, $51.000; Indirect labor. $30,000; factory rent, $36,000; factory utilities, $24.000; and factory equipment depreciation, $60,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $685,000 cash In April. Problem 2-2A (Algo) Part 5 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 Show how the three inventory accounts are reported on the April 30 balance sheet. Inventories Raw materials Work in process Finished goods Total inventories S
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