problem 15-2A part 5

Required information Problem 15-2A (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. Additional Information a. Raw Materials inventory has a March 31 balance of $88,000, b. Raw materials purchases in April are $540,000, and total factory payroll cost in April is $384,000. c. Actual overhead costs incurred in April are indirect materials, $56,000; indirect labor, $25,000; factory rent, $31,000; factory utilities, $25,000; and factory equipment depreciation, $56,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $670.000 cash in April. Problem 15-2A (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. Additional Information a. Raw Materials Inventory has a March 31 balance of $88,000. b. Raw materials purchases in April are $540,000, and total factory payroll cost in April is $384,000. c. Actual overhead costs incurred in April are indirect materials, $56,000; indirect labor, $25,000; factory rent, factory utilities, $25,000; and factory equipment depreciation, $56,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $670,000 cash in April. Problem 15-2A (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. Compute gross profit for April. Additional Information a. Raw Materials Inventory has a March 31 balance of $88,000. b. Raw materials purchases in April are $540,000, and total factory payroll cost in April is $384,000. c. Actual overhead costs incurred in April are indirect materials, $56,000; indirect labor, $25,000; fact factory utilities, $25,000; and factory equipment depreciation, $56,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $670,000 cash in April. Problem 15-2A (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. Show how the three inventory accounts are reported on the April 30 balance sheet