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 in April. Balances

image text in transcribedimage text in transcribed Required information [The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. 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 Additional Information Job 306 Job 307 Job 308 $ 32,000 21,000 10,500 $ 39,000 18,000 9,000 139,000 104,000 ? Finished (sold) 205,000 $ 100,000 151,000 100,000 ? ? Finished (unsold) In process a. Raw Materials Inventory has a March 31 balance of $86,000. b. Raw materials purchases in April are $500,000, and total factory payroll cost in April is $376,000. c. Actual overhead costs incurred in April are indirect materials, $51,000; indirect labor, $21,000; factory rent, $30,000; factory utilities, $23,000; and factory equipment depreciation, $53,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $635,000 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 Total cost of work in process Cost of goods manufactured 0 0 $ 0

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 and Managerial Accounting

Authors: Belverd E. Needles, Marian Powers, Susan V. Crosson

10th edition

978-1285441979, 1285441974, 978-1133626992, 1133626998, 978-1133940593

More Books

Students also viewed these Accounting questions

Question

What is the hearsay exception for commercial publications?

Answered: 1 week ago