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)

Name: H Balances on March 31Direct materials used (in March)Direct labor use
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Description: H Balances on March 31Direct materials used (in March)Direct labor used (in March)Overhead applied (March)Costs during AprilDirect materials usedDirect labor usedOverhead appliedStatus on April 30Additional InformationReq 5A$ 37,00028,00018,000155,00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

Topic Video

Question

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

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