Required: 1. Determine the amount of overhead applied to each job in April. $ Direct labor Predetermined overhead rate Overhead applied 306 102,000 $ 0.50 51.000 $ 307 150,000 $ 0.50 75,000 $ 308 April Total 100,000 $ 352,000 0.50 0.50 50,000 $ 176,000 $ 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 March Direct materials $ 27.000 $ 40,000 18,000 20,000 9,000 10,000 57,000 $ $ 67,000 $ 0 $ 124.000 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 Anni 30 cost included in: 135,000 102,000 51,000 288.000 $ 345,000 Finished (sold) Cost of goods sold 215,000 150,000 75000 440,000 507.000 Finished (unsold) Finished goods inventory 110,000 100,000 50.000 260,000 $ 260.000 In process Work in process inventory 460,000 352,000 176,000 988.000 $ 1,112,000 Materials purchases on credit Direct materials used c. Direct lobor used (ond peld in cash and assigned to Work in Process Inventory. d. Indirect materials used and assigned to Factory Overhead. e. Indirect labor used (and peld in cash) and assigned to Factory Overhead. t. Overhead costs applied to Work in Process Inventory. Q. 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 View journal entry worksheet Me Tration Gened Journal Crechi 1 Debit 550.000 Raw materials inventory Accounts payable 550.000 bo Work in process inventory Raw materials inventory 400,000 460.000 3 C Work in process inventory Cash 352.000 352.000 4 d Factory overhead Raw materials inventory 51.000 51.000 5 Factory overhead Cash 28.000 28.000 1 Work in process inventory Factory overhead 176.000 176.000 Factory overhead Raw materials purchased Cash Accumuwd deprecation-Factory equipment 13.000 61,000 Fred goods sventory Won process way Required Information [The following information applies to the questions displayed below.) Marco Company shows the following costs for three jobs worked on in April Job 305 Job 387 Job 388 $ 27, cee 20,000 10,000 $ 40,000 18,000 9,000 Balances on March 31 Direct materials used in March) Direct lobor used (in March) Overhead applied (March) Casts during April Direct materials used Direct labor used Overhead applied Status on April 30 135, ece 162,000 215,000 150, eee $ 119,098 100,000 Finished (sold) Finished (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $83,000. b. Raw materials purchases in April are $550,000, and total factory payroll cost in April is $380,000, c. Actual overhead costs incurred in April are indirect materials, $51,000, indirect labor, $28,000; factory rent, $37.000; factory utilities, $24,000, and factory equipment depreciation, $61,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $645,000 cash in April. 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 0 Total cost of work in proces 0 Cott of goods manufactured ta Required Information The following information applies to the questions displayed below) Marco Company shows the following costs for three jobs worked on in April. Job 316 Job 387 Job 308 $ 27,000 20,000 10,000 $ 40,000 18,000 9,000 Balances on March 31 Direct materials used (in March) Direct labor used in March) Overhead poed (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 135,000 102,000 215,000 150,000 $ 118, see 100,000 2 Finished (sold) Finished (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $83,000. b. Raw materials purchases in April are $550,000, and total factory payroll cost in April is $380,000 Actual overhead costs incurred in April are indirect materials, $51,000; Indirect labor, $28,000; factory rent, $37,000; factory utilities, $24,000; and factory equipment depreciation, $61,000 d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $645,000 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. Complete this question by entering your answers in the tabs below. Reg SA Reg 58 Compute gross profit for April Req58 > Required Information 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 387 JOD JOU | $ 27,000 20,000 10,000 $ 40,000 18,000 9.000 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 $ 110,000 100,000 135,000 102,000 2 Finished (sold) 215, coe 150,000 7 Finished (unsold) In process Additional Information 6. Raw Materials Inventory has a March 31 balance or $83,000. b. Raw materials purchases in April are $550,000, and total factory payroll cost in April is $380,000. c. Actual overhead costs incurred in April are indirect materials, $51000; Indirect labor, $28,000; factory rent. $37000: factory utilities, $24,000; and factory equipment depreciation, $61.000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $645,000 cash in April n. Compute gross profit for April 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. Reg SA Reg 58 Show how the three inventory accounts are reported on the April 30 balance sheet. po 5
