Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

! Required information [ The following information applies to the questions displayed below. ] Marco Company shows the following costs for three jobs worked on

!
Required information
[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 $84,000.
b. Raw materials purchases in April are $510,000, and total factory payroll cost in April is $373,000.
c. Actual overhead costs incurred in April are indirect materials, $52,500; indirect labor, $25,500; factory rent,
$34,500; factory utilities, $21,500; and factory equipment depreciation, $53,500.
dRequired information
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) $ 33,000 $ 39,000
Direct labor used (in March)24,00022,000
Overhead applied (March)14,00013,000
Costs during April
Direct materials used 145,000230,000 $ 110,000
Direct labor used 89,000160,000115,000
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 $84,000.
Raw materials purchases in April are $510,000, and total factory payroll cost in April is $373,000.
Actual overhead costs incurred in April are indirect materials, $52,500; indirect labor, $25,500; factory rent, $34,500; factory utilities, $21,500; and factory equipment depreciation, $53,500.
Predetermined overhead rate is 50% of direct labor cost.
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.
Can you please solve this ion the next 3 hours please :)
image text in transcribed

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

Step: 3

blur-text-image

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

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

3rd Edition

0471372668, 978-0471372660

More Books

Students also viewed these Accounting questions