Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

[The following information applies to the questions displayed below] Marco Company shows the following costs for three jobs worked on in April. a. Raw Materials

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
[The following information applies to the questions displayed below] Marco Company shows the following costs for three jobs worked on in April. a. Raw Materials Inventory has a March 31 balance of $80,000. b. Raw materials purchases in April are $530,000, and total factory payroll cost in April is $383,000 c. Actual overhead costs incurred in April are indirect materials, \$52,000; indirect labor, $27,000, factory rent, $30,000; factory utilities, \$22,000; and factory equipment depreciation, \$52,000. d. Predetermined querhead rate is 50% of direct labor cost. e. Job 306 is sold for $680,000 cash in April: 1. Determine the amount of overhead applied to each job in April. 2. Determine the total cost assigned to each job as of April 30 (including the balances from March 31). 4. Prepare a schedule of cost of goods manufactured for the month end Aprit 30 . Compolete this yuestion by entering your wnswits in the tabs below. Computa aross jarof for April. Show how the three inventory accounts are reported on the April 30 balance sheet. a. Materials purchases (on credit). b. Direct materials used. c. Direct labor used (and paid in cash) and assigned to Work in Process Inventory. d. Indirect materials used and assigned to Factory Overhead. e. Indirect labor used (and paid in cash) and assigned to Factory Overhead. 1. Overhead costs applied to Work in Process Inventory. g. Actual other overhead costs incurred (Factory rent and utilities are paid in cash.) h. Transfer of Jobs 306 and 307 to Finished Goods Inventory. 1. Cost of goods sold for Job 306 . J. Revenue from the sale of Job 306 received in cash. k. Close underapplied or overapplied overhead to the Cost of Goods Sold account. 3. Prepare joumal entries for the month of April to record the above transactions. Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions