Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information Problem 2 - 2 A ( Algo ) Computing and recording job costs; preparing schedule of cost of goods manufactured LO P 1

Required information
Problem 2-2A (Algo) Computing and recording job costs; preparing schedule of cost of goods manufactured LO P1, P2, P3, P4
Skip to question
[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
Balances on March 31
Direct materials used (in March) $ 30,600 $ 36,600
Direct labor used (in March)21,60019,600
Overhead applied (March)11,60010,600
Costs during April
Direct materials used 139,000224,000 $ 104,000
Direct labor used 86,600154,000109,000
Overhead applied ?question mark ?question mark ?question mark
Status on April 30 Finished (sold) Finished (unsold) In process
Additional Information
Raw Materials Inventory has a March 31 balance of $81,600.
Raw materials purchases in April are $504,000, and total factory payroll cost in April is $367,000.
Actual overhead costs incurred in April are indirect materials, $51,000; indirect labor, $24,000; factory rent, $33,000; factory utilities, $20,000; and factory equipment depreciation, $52,000.
Predetermined overhead rate is 50% of direct labor cost.
Job 306 is sold for $639,000 cash in April.
Problem 2-2A (Algo) Part 5
5-a. Compute gross profit for April.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting An Introduction

Authors: Pauline Weetman

7th Edition

1292086696, 978-1292086699

More Books

Students also viewed these Accounting questions