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PLEASE HELP. i WILL leave a thumbs up if all is completed. I would really appreciate it! Marco Company shows the following costs for three
PLEASE HELP. i WILL leave a thumbs up if all is completed. I would really appreciate it!
Marco Company shows the following costs for three jobs worked on in April. Additional Information a. Raw Materials Inventory has a March 31 balance of $85,200. b. Raw materials purchases in April are $513,000, and total factory payroll cost in April is $376,000. c. Actual overhead costs incurred in April are indirect materials, $53,250; indirect labor, $26,250; factory rent, $35,250; factory utilities, $22,250; and factory equipment depreciation, $54,250. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $648,000 cash in April. 2. Determine the total cost assigned to each job as of April 30 (including the balances from March 31). Record the entry for material purchased on credit. Note: Enter debits before credits. Note: Enter debits before credits. Record the direct labor (paid in cash). Note: Enter debits before credits. Record the indirect materials used. Note: Enter debits before credits. Note: Enter aedits Detore creaits. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Record the actual other overhead costs incurred (Factory rent and utilities are paid in cash.) Note: Enter debits before credits. Record the transfer of Jobs 306 and 307 to Finished Goods Inventory. Note: Enter debits before credits. Record the cost of goods sold for Job 306 . Note: Enter debits before credits. Record the revenue from the sale of Job 306 received in cash. Note: Enter debits before credits. Record the entry to close underapplied or overapplied overhead to the Cost of Goods Sold account. Note: Enter debits before credits. 4. Prepare a schedule of cost of goods manufactured for the month ended April 30. Complete this question by entering your answers in the tabs below. Compute gross profit for April. Show how the three inventory accounts are reported on the April 30 balance sheet Step by Step Solution
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