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 306 Job 307 Job 308 $ 29,000 23,000 11,500 $ 44,000 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 30 132,000 102,000 ? Finished (sold) 210,000 153,000 ? Finished (unsold) $ 120,000 100,000 ? In process Additional Information a. Raw Materials Inventory has a March 31 balance of $88,000. b. Raw materials purchases in April are $560,000, and total factory payroll cost in April is $377,000. c. Actual overhead costs incurred in April are indirect materials, $56,000; indirect labor, $22,000; factory rent, $31,000; factory utilities, $22,000; and factory equipment depreciation, $53,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $665,000 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 $ 0 0.50 0.50 0.50 0.50 Predetermined overhead rate Overhead applied 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 $ $ 29,000 23,000 11,500 44,000 15,000 7,500 $ 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: 132,000 102,000 210,000 153,000 120,000 100,000 462,000 355,000 0 234.000 363,000 220,000 817,000 $ Finished (sold) Finished (unsold) In process Problem 2-2A (Algo) Part 4 4. Prepare a schedule of cost of goods manufactured for the month end April 30. MARCO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs Total cost of work in process Cost of goods manufactured 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 Compute gross profit for April. Gross profit Req 5A Req 5B >