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. Job

image text in transcribed
image 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. Job 06 Job 307 Job 300 Balances on March 31 Direct materials used in March) 29,000 $ 35,000 Direct labor used in March) 20,000 18,000 Overhend applied (March 10,000 9,000 Couts during April Direct materials used 135,000 220,000 $ 100,000 Direct labor und 85,000 150.000 105,000 overhead applied 2 Status on April 30 Pinished Pinned (hold) (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $80,000 b. Raw materials purchases in April are $500,000, and total factory payroll cost in April is $363,000. c. Actual overhead costs incurred in April are Indirect materials, $50,000; indirect labor, $23,000; factory rent. $32,000; factory utilities, $19,000; and factory equipment depreciation, 551000 d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $635,000 cash in April Additional Information a. Raw Materials Inventory has a March 31 balance of $80,000. b. Raw materials purchases in April are $500,000, and total factory payroll cost in April is $363,000. c. Actual overhead costs incurred in April are indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000; factory utilities, $19,000; and factory equipment depreciation, $51,000. 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 ended April 30. MARCO COMPANY Schedule of Cont of Goods Manufactured For Month Ended April 30 Total manufacturing costs Total cost of work in process Cost of goods manufactured

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

Risk Management In Organisations An Integrated Case Study Approach

Authors: Margaret Woods

2nd Edition

1138632333, 9781138632332

More Books

Students also viewed these Accounting questions