Answered step by step
Verified Expert Solution
Question
1 Approved Answer
show how three inventory accounts are reported on the april 3 0 balance sheet Required information Problem 152A (Algo) Computing and recording Job costs; preparing
show how three inventory accounts are reported on the april balance sheet
Required information Problem 152A (Algo) Computing and recording Job costs; preparing schedule of cost of goods tSofS manufactured LO Pl. P2, P3, IThe following information applies to the questions displayed be/ow.J Marco Company Shows the following costs for three jobs worked on in April. ts pped Job 306 34, 6 look 25, 6 15,6 'rint 234, 149, 90, 6 ?rence Balances on March 31 Direct materials used (in Ma rch ) Direct labor used (in Ma rch ) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 Additional Information job Job 40,6 23,6 14,6 114, 164, 119, Finished Finished In (sold) (unsold) process a. Raw Materials Inventory has a March 31 balance of $85,600. b. Raw materials purchases in April are $514,000, and total factory payroll cost in April is $377,000. c Actual overhead costs incurred in April are indirect materials, $53,500; indirect labor, $26,500: factory rent, $35,500; factory utilities, $22,500; and factory equipment depreciation, $54,500. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $649,000 cash in April. Problem IS-2A (Algo) Part S S.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. Req 5A Re 5B Show how the three inventory accounts are reported on the April 30 balance sheet. Inve odes Raw materials Work in rocess Finished oods Total inventories Req Raq >
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started