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 Req 5A $ 37,000 28,000 18,000 155,000 93,000 ? Req 5B Compute gross profit for April. Gross profit Finished (sold) a. Raw Materials Inventory has a March 31 balance of $88,000. b. Raw materials purchases in April are $520,000, and total factory payroll cost in April is $383,000. c. Actual overhead costs incurred in April are indirect materials, $55,000; indirect labor, $28,000; factory rent, $37,0 factory utilities, $24,000; and factory equipment depreciation, $56,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $655,000 cash in April. $ 43,000 26,000 17,000 5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet. 240,000 $ 120,000 170,000 125,000 ? In process Complete this question by entering your answers in the tabs below. ? Finished (unsold)
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 Req 5A $ 37,000 28,000 18,000 155,000 93,000 ? Req 5B Compute gross profit for April. Gross profit Finished (sold) a. Raw Materials Inventory has a March 31 balance of $88,000. b. Raw materials purchases in April are $520,000, and total factory payroll cost in April is $383,000. c. Actual overhead costs incurred in April are indirect materials, $55,000; indirect labor, $28,000; factory rent, $37,0 factory utilities, $24,000; and factory equipment depreciation, $56,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $655,000 cash in April. $ 43,000 26,000 17,000 5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet. 240,000 $ 120,000 170,000 125,000 ? In process Complete this question by entering your answers in the tabs below. ? Finished (unsold)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
H
Transcribed Image Text: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
Req 5A
$ 37,000
28,000
18,000
155,000
93,000
?
Finished
(sold)
Req 5B
Compute gross profit for April.
Gross profit
$ 43,000
26,000
17,000
a. Raw Materials Inventory has a March 31 balance of $88,000.
b. Raw materials purchases in April are $520,000, and total factory payroll cost in April is $383,000.
c. Actual overhead costs incurred in April are indirect materials, $55,000; indirect labor, $28,000; factory rent, $37,000;
factory utilities, $24,000; and factory equipment depreciation, $56,000.
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $655,000 cash in April.
Complete this question by entering your answers in the tabs below.
240,000
170,000
?
Finished
(unsold)
5-a. Compute gross profit for April.
5-b. Show how the three inventory accounts are reported on the April 30 balance sheet.
$ 120,000
125,000
?
In process
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education